Cybersecurity-focused Ten Eleven Ventures has raised $140m for its second growth fund.
In addition to a number of previous investors, the firm said it has also added several new investors into the fund, including Singapore-based Temasek. Ten Eleven will work with Temasek to expand geographically, including into Southeast Asia, where the firm says its portfolio companies are aiming to reach when they hit the point of scaling.
Alex Doll, Ten Eleven founder, said in a blog post: “Already 50% of the Ten Eleven portfolio has reached the point of scaling operations far enough to open Asian regional offices, and 100% of those have chosen to locate in the emerging cybersecurity regional hub of Singapore.
The firm also has a joint investment alliance with KKR, having previously co-invested in four companies via their Joint Investment Alliance.
Its second growth fund comes nearly two years after Ten Eleven Ventures raised $77.5m toward a venture fund and $26.2m for a growth, according to filings with the SEC. However, it is unclear how much the funds closed on.
Founded in 2014, the Burlingame, California-based investment firm has hired Brian Draves as a partner and chief operating officer. Draves is the former General Counsel at Techstars and has decades of experience in digital security and venture capital, having worked with Doll as General Counsel and Chief Administration Officer at PGP Corporation. Following the close, Ten Eleven now has $250m under management across three funds and has invested in 15 portfolio companies to date.
Its portfolio includes Cylance, which uses artificial intelligence and machine learning to predict and prevent advanced threats, Machine learning cybersecurity developer Darktrace, third-party cyber risk management platform CyberGRX, and AI-based security operations platform Jask, among others.
Doll said there has already been two realised gains in the first two years from the inaugural funds, with Ping Identity, a leader in identity defined security, selling to Vista Equity Partners in 2016 and Hexadite, an Israeli-based early player in security orchestration and automation market, selling to Microsoft in 2017.
“With the addition of Brian and this new growth fund, Mark (Hatfield) and I look forward to creating and building the next wave of best-in-class cybersecurity companies that protect both countries and the digital assets and infrastructures of organizations worldwide,” Doll added. “We are thrilled to begin the next chapter of our exciting journey and hope our partners, colleagues and fellow community members feel the same.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
