October 12, 2023 at 06:32AM
Venture capital firm SYN Ventures has announced the first closing of its $75 million cybersecurity seed fund, making it the largest cyber seed fund in the US. The fund will focus on investing in transformational and disruptive solutions rather than incremental features. The firm has already invested in several cybersecurity companies and aims to help early-stage companies develop next-generation cyber solutions. SYN Ventures previously closed a $300 million fund for early-stage cybersecurity investments. Other firms that have announced significant funds for cybersecurity investments include Cyberstarts, YL Ventures, Ten Eleven Ventures, and Paladin Capital.
Key takeaways from the meeting notes:
1. SYN Ventures has announced the first closing of a $75 million cybersecurity seed fund, which is described as the largest cyber seed dedicated fund in the US.
2. The Seed Fund I will focus on investing in transformational and disruptive solutions rather than incremental features.
3. SYN Ventures, founded and led by former Fortune 500 CISOs and C-level security executives, has already invested in several companies including Accurics, Carbon Black, Crash Override, CyberGRX, Mitiga, Query AI, Refine Intelligence, Revelstoke, SynSaber, and Synqly.
4. The final closing of the Seed Fund I is expected later this quarter, bringing SYN Ventures’ total assets under management to over $600 million.
5. The fund will provide early-stage cybersecurity startups with access to industry networks and related events to help them develop next-generation cyber solutions and find product-market fit faster.
6. Last year, SYN Ventures closed a $300 million fund for early-stage investments in cybersecurity startups.
7. Other companies, such as Cyberstarts, YL Ventures, Ten Eleven Ventures, and Paladin Capital, have also announced significant funds for cybersecurity investments in recent years.