Ten Eleven Ventures

Ten Eleven Ventures Research

Investment Thesis

Ten Eleven Ventures is the original venture capital firm dedicated exclusively to cybersecurity investments. Founded in 2014 by Alex Doll and Mark Hatfield, the firm believes that cybersecurity is fundamental to maintaining global commerce and that the best companies solving the world's most critical security challenges deserve specialized investment expertise. The firm invests globally and maintains a stage-agnostic approach, backing everything from pre-seed through growth-stage companies.

The thesis is built on the conviction that trust and security hold the key to the digital future. Ten Eleven partners with founders who are creating game-changing technologies that secure this future across all geographies and investment stages.

Investment Approach

Ten Eleven operates on seven core investment principles:

1. Invest in great people - Backing exceptional founders building transformative cybersecurity solutions
2. Invest at any stage - Stage-agnostic approach providing capital and support from pre-seed through growth
3. Invest globally - Diversifying capital investments beyond core startup hubs
4. Embrace the challenge - Taking on big, technically difficult problems when vision and impact justify the risk
5. Partner with the best - Leveraging an engaged ecosystem and network of cybersecurity leaders
6. Create value for the long-term - Connecting portfolio companies with talent networks, design partners, and executives
7. Enjoy the journey - Understanding that growth is a marathon with the right partner

Investment Track Record

As of January 2026, Ten Eleven has:

• Raised over $1 billion in AUM
• Made 62+ cybersecurity investments across all stages
• Achieved 8 new investments in the past 12 months
• Successfully exited major portfolio companies through IPOs and acquisitions

Stage Focus

Ten Eleven is truly stage-agnostic, with recent and active investments across:

• Pre-Seed: Early proof-of-concept and prototype development
• Seed: First institutional capital round ($5M-$27M ranges observed)
• Series A & B: Growth and scaling phase ($12M-$320M+)
• Growth: Multi-stage follow-ons and strategic growth rounds

Recent check sizes demonstrate this diversity:

• Furl (Seed): $10M led
• Vulncheck (Venture): $12M
• Fleet (Growth): $27M
• Geordie (Venture): $6.5M
• IQM Quantum (Series B): $320M

Check Size Range

Typical investment range: $3M - $15M

• Seed stage: $5M-$27M
• Series A: $8M-$15M+
• Minimum check observed: $5M-$6.5M
• Growth stage: $27M+

Lead Tendency

Ten Eleven demonstrates a clear lead tendency with recent activity showing:

• Led $10M Seed in Furl (January 2026) with participation from Rapid7 CEO
• Led $6.5M venture round in Geordie (2025)
• Led $12M venture round in Vulncheck (2025)
• Led $27M growth round in Fleet (2025)
• Led $320M Series B in IQM Quantum (2025)

The firm is an active lead investor across all stages, particularly at seed and growth stages.

Recent Activity & Fund Status

Fund Status: Actively Deploying

Ten Eleven has demonstrated sustained investment momentum throughout 2025-2026:

• January 2026: Furl raised $10M Seed (led by Ten Eleven, with participation from Rapid7 CEO Corey Thomas)
• 2025: Geordie, IQM Quantum, Vulncheck, Fleet, and Guardare all received investments
• Ongoing: Portfolio company support and operational involvement

Notable recent portfolio activity:

• BLACKBIRD.AI: 118% YoY ARR growth with $28M strategic funding (January 2026)
• IQM Quantum: Largest recent investment at $320M Series B
• Portfolio companies expanding globally with Ten Eleven support

Team & Leadership

Founders & Core Team:

• Alex Doll (Founder / Managing General Partner): Ex-PGP Corporation co-founder and CFO, Symantec acquisition veteran, Stanford MBA, extensive security and finance experience
• Mark Hatfield (Founder / General Partner): 20+ years in venture, cybersecurity, and IT; prior roles at Fairhaven Capital and Motorola Ventures; deep founder network
• Dave Palmer (General Partner): Former CPO at Darktrace, intelligence background from UK agencies (GCHQ, MI5), member of UK Government's Defence & Economic Growth Taskforce
• Brian Draves (Partner and COO): Operational oversight and firm management
• Megan Dubofsky (Operating Partner and CMO): Marketing and strategy leadership
• Scott Lundgren (Operating Partner and CTO): Technical expertise and guidance

Supporting Team:

• Kaiti Delaney (Principal) - Investment focus
• Katherine Lohr-Valdez (VP of Finance) - Financial management
• Ben Charlson & Sid Subramanian (Associates) - Investment support
• Hattie Egan-Young (Senior Director of Marketing)
• Dani Andrade (Director of Events)
• Hallie Larson (Controller)

Advisory Board includes notable figures:

• Malcolm Turnbull (29th Prime Minister of Australia)
• Dixon Doll (Co-Founder & Partner Emeritus, DCM Ventures)
• Andre Durand (CEO, Ping Identity)
• Kevin Lynch (CEO, Optiv)
• Jon Callas (Director of Technology Projects, Electronic Frontier Foundation)
• Richard Horne (Cyber Security Partner, PwC)

Geographic Focus

True global presence with offices in:

• Silicon Valley: 345 Lorton Ave, Suite 401, Burlingame, CA 94010
• Boulder: 777 Pearl Street, Suite 211, Boulder, CO 80302
• Boston: 2 Newbury Street, 4th Floor, Boston, MA 02116
• London: 12 Hay Hill, Suite 1.1, Mayfair, London, W1J 8NR, UK

Investing across:

• United States (primary)
• United Kingdom (active)
• Europe (selective)
• Global coverage with local expertise

Sector & Technology Focus

Exclusive focus on Cybersecurity across all sub-sectors:

Sub-sector expertise includes:

• AI/ML in Cybersecurity: Cyber AI platforms (Darktrace flagship example)
• Vulnerability Management: VulnCheck, Furl
• Identity & Access: Saviynt, identity platforms
• Endpoint Security: Device management, endpoint protection
• Cloud Security: Fleet (device management)
• Incident Response & Forensics: Investigation tools
• Risk & Compliance: Guardare
• Emerging Threats: Agent-native security (Geordie)
• Quantum-Safe Security: IQM Quantum (emerging opportunity)

Notable technology applications:

• AI and Machine Learning
• Cloud-native security
• Zero-trust architecture
• Automation and orchestration
• Behavioral analytics

Notable Portfolio Companies

Major Exits & Public Companies:

• Darktrace (IPO 2021, London Stock Exchange): Cyber AI leader, founded 2013, partnered 2016, $3B+ valuation at IPO, 2,200+ employees, protecting 8,100+ organizations globally
• KnowBe4: Security awareness training, successful exit
• Cylance: AI-powered endpoint security, acquired
• Twistlock: Container security, acquired
• Verodin: Continuous security validation, acquired

Active Portfolio (Recent/Current):

• Furl ($10M Seed led, Jan 2026): Vulnerability remediation automation
• Geordie ($6.5M Venture, 2025): Agent-native security platform
• IQM Quantum ($320M Series B, 2025): Quantum computing security
• Vulncheck ($12M Venture, 2025): Vulnerability intelligence
• Fleet ($27M Growth, 2025): Open-source device management
• Guardare ($5M, 2025): AI-powered asset and compliance platform
• Saviynt: Identity governance platform
• BLACKBIRD.AI: AI-powered threat intelligence
• 50+ additional portfolio companies across all stages

Decision Process & Investment Timeline

Decision Process: Partnership-based

• Founder/general partner-led investment decisions
• Advisory board consultation on strategy issues
• Quick decision-making with experienced team

Investment Timeline: 4-8 weeks (estimated)

• Quick reference from team network
• Technical and operational diligence
• Investment committee approval

Founder & Investment Preferences

Ten Eleven backs:

• Experienced operators: Founders with proven execution track records
• Visionary technologists: Deep domain expertise in cybersecurity
• Global ambition: Founders willing to scale internationally
• Technical innovation: Novel approaches to difficult security problems
• Any team structure: Solo founders through experienced management teams

The firm explicitly avoids:

• Non-cybersecurity plays
• Undifferentiated or commodity security solutions
• Teams without clear domain expertise

Competitive Advantages

1. Specialized Expertise: Only fund focused exclusively on cybersecurity investment
2. Stage Flexibility: Can invest from pre-seed through growth, following winners
3. Operational Support: Operating partners with deep domain expertise
4. Network Access: 60+ portfolio company network for partnerships and customer wins
5. Global Coverage: Multi-continent presence with local expertise
6. Leadership Credibility: Team includes founders, operators, and security experts
7. Ecosystem Leverage: Unparalleled cybersecurity executive network

Success Stories & Impact Examples

Darktrace Journey:

• 2016: Series C investment by Ten Eleven
• 2017-2018: Series D ($75M) and Series E ($50M) rounds, continued support
• 2021: IPO on London Stock Exchange, $3B+ valuation
• Present: 2,200+ employees, protecting 8,100+ organizations, TIME Magazine 'Most Influential Companies'
• Ten Eleven role: Advised on product direction, US expansion strategy, operational scaling

This represents Ten Eleven's successful thesis: backing technically superior founders, providing operational guidance, and helping scale from early stage to market leadership.

Values & Culture

Ten Eleven emphasizes:

• Founder-led Innovation: Conviction in entrepreneurial vision
• Long-term Partnership: Marathon mentality, not quick exits
• Technical Excellence: Deep respect for hard engineering problems
• Community Building: Annual events (Cybertech Global participation) and network development
• Impact Focus: Building products that genuinely improve global security

Fund Information

• Founded: 2014
• Headquarters: Burlingame, California (Silicon Valley)
• Additional Offices: Boulder, Boston, London
• Total AUM: $1B+ (estimated based on fund raises)
• Portfolio Size: 62+ companies across all stages
• Investment Frequency: 8 new investments annually (recent pace)
• Geographic Reach: Global with focus on US, UK, Europe
• Regulatory: Ten Eleven Ventures UK Ltd is an appointed representative of Sapia Partners LLP (FCA regulated)