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Learn which startups Ten Eleven Ventures invests in, what size check sizes they write, and who their partners are (e.g. Alex Doll).
Ten Eleven Ventures operates as a specialized venture capital firm, exclusively focusing on investments across the cybersecurity landscape. The firm deploys capital globally, identifying and supporting companies that are developing critical technologies to enhance digital safety, trust, and resilience. Its distinctive approach integrates deep industry expertise with strategic financial backing, providing portfolio companies with a competitive advantage as they navigate complex security challenges.
The firm was co-founded in 2014 by Alexander P. Doll and Mark Hatfield, who recognized a significant void in the venture capital market for a dedicated cybersecurity investment vehicle. Their insight stemmed from extensive backgrounds as industry insiders, operators, and entrepreneurs, allowing them to perceive the burgeoning necessity for a specialized firm capable of understanding and nurturing innovations specific to the cybersecurity domain. This foundational understanding has since guided their investment thesis.
Ten Eleven Ventures primarily serves founders and companies at various stages within the cybersecurity sector, from early-stage development to established growth. The firm's long-term vision is to empower the next generation of security innovators, facilitating the creation and scaling of technologies that will safeguard the interconnected digital future against evolving threats. They aim to be the partner of choice for those building the foundational security infrastructure of tomorrow.
Key people at Ten Eleven Ventures.
Ten Eleven Ventures is the first venture capital firm created to focus exclusively on cybersecurity across all stages and geographies.[2] The firm operates as a multi-stage global venture capital firm dedicated to igniting the next generation of innovative cybersecurity companies.[4] Its mission is straightforward: invest in and support the best entrepreneurs focused on protecting both countries and companies' digital assets and infrastructure.[1]
The firm's investment philosophy centers on stage-agnostic, global investments in cybersecurity companies building and securing the digital future.[3] Ten Eleven provides capital, connections, and expertise to help cybersecurity entrepreneurs bring game-changing technologies to market.[4] The firm invests across seed, Series A, and Series B+ rounds, with check sizes ranging from $1 million to $10 million.[2] By maintaining this specialized focus on cybersecurity rather than diversifying across multiple sectors, Ten Eleven has positioned itself as a dedicated player in the early growth segment of global security venture capital, enabling deeper expertise and stronger support for portfolio companies navigating this critical industry.
Ten Eleven Ventures was founded by Mark Hatfield and another co-founder who together established the firm as the first exclusively cyber-focused venture capital firm.[1] The firm's founding reflected a deliberate strategic choice to concentrate entirely on cybersecurity rather than pursue a generalist approach. This specialization allowed the founders to build deep domain expertise and establish themselves as thought leaders in an increasingly important sector.
The firm's early investment thesis centered on the applications of artificial intelligence and machine learning in the cybersecurity field, which became foundational to its strong performance.[1] Mark Hatfield and his co-founder were among the two original VCs and board members of Cylance, one of the earliest AI/ML cyber investments, which has since become one of the largest and fastest growing private security companies in history and a leader in next-generation endpoint security.[1] This early conviction in AI/ML-driven security solutions demonstrated prescient market timing and helped establish the firm's credibility in identifying transformative security technologies before they became mainstream.
Unlike generalist venture firms that spread capital across multiple sectors, Ten Eleven's singular focus on cybersecurity enables unparalleled domain expertise. This specialization allows the firm to deeply understand market dynamics, competitive landscapes, and technological trends within security—knowledge that translates into better investment decisions and more valuable support for portfolio companies.
Ten Eleven operates across all stages of company development, from seed-stage startups to growth-stage businesses.[3] This stage-agnostic model allows the firm to build long-term relationships with founders, supporting companies through multiple funding rounds and providing continuity of support as they scale. The firm's check size range of $1 million to $10 million positions it well for both early-stage and growth investments.
The firm's portfolio includes some of the most successful security companies globally. Darktrace, backed by Ten Eleven and KKR in 2015, was founded by Cambridge University mathematicians and former GCHQ teams and is widely regarded as one of the leading players in AI/ML for network security and one of the largest private security companies in the world.[1] Other notable investments include Ionic Security, Ping Identity, and Optiv, demonstrating consistent ability to identify and support category-defining companies.
Ten Eleven maintains offices across multiple geographies including Silicon Valley, Boulder, Boston, and the United Kingdom, enabling it to source and support cybersecurity entrepreneurs globally.[4] The firm has also established strategic partnerships with major institutional investors like KKR and Temasek, which strengthens its ability to support portfolio companies through larger growth rounds and provides access to complementary expertise and networks.[1]
Nearly 50% of Ten Eleven's first fund portfolio has reached the point of scaling operations far enough to open Asian regional offices, with 100% of those companies choosing to do so.[1] This demonstrates the firm's ability to help portfolio companies expand internationally and achieve significant scale—a critical differentiator in venture capital.
Ten Eleven operates at the intersection of several powerful macro trends reshaping technology and business. The cybersecurity market has evolved from a defensive necessity to a strategic imperative as digital transformation accelerates across every industry. The firm's timing in establishing an exclusive cybersecurity focus reflects this shift—security is no longer a niche concern but a fundamental business requirement.
The rise of AI and machine learning in security represents a generational shift in how organizations detect, respond to, and prevent threats. Ten Eleven's early conviction in AI/ML-driven security solutions positioned it ahead of the broader venture market in recognizing this trend. Companies like Darktrace and Cylance have validated this thesis, becoming category leaders precisely because they applied advanced AI techniques to security problems in ways that were previously impossible.
Geopolitical tensions and regulatory pressures have also elevated cybersecurity's importance. The firm's emphasis on protecting "both countries and companies' digital assets and infrastructure" reflects growing recognition that cybersecurity is a national security concern, not merely a corporate IT issue.[1] This has created tailwinds for security investments and attracted institutional capital from sovereign wealth funds like Temasek.
Ten Eleven's influence on the broader ecosystem extends beyond capital deployment. By establishing itself as the first exclusively cyber-focused venture firm, it has legitimized cybersecurity as a venture capital category worthy of dedicated focus. This has likely influenced other firms to develop stronger cybersecurity practices and has elevated the profile of security entrepreneurs seeking capital.
Ten Eleven Ventures has successfully established itself as the premier venture capital firm for cybersecurity innovation. The firm's $140 million second fund (TEG II) demonstrates strong institutional confidence in its model and track record.[1] With nearly all of its first fund deployed across 14 companies and a portfolio that includes multiple category-defining businesses, Ten Eleven has proven that specialization in cybersecurity can deliver exceptional returns while simultaneously advancing the security of critical infrastructure.
Looking forward, several trends will likely shape Ten Eleven's evolution. The continued expansion of AI and machine learning applications in security will remain central to the firm's thesis, particularly as these technologies address emerging threat vectors in cloud infrastructure, IoT devices, and supply chain security. The firm's recent investment in AI/ML security for IoT suggests it is actively tracking these emerging domains.[1]
Geopolitical fragmentation and the emergence of regional security ecosystems may also create opportunities. Ten Eleven's global footprint and the fact that 50% of its portfolio has already expanded to Asian offices positions it well to capitalize on regional security innovation and the divergence of security standards across geographies.
The firm's partnership model with institutional investors like KKR and Temasek suggests it will increasingly serve as a specialized sourcing and operational partner for larger capital pools seeking cybersecurity exposure. This could evolve into a model where Ten Eleven identifies and develops early-stage security companies, then facilitates larger growth rounds with institutional partners—creating a virtuous cycle of deal flow and capital access.
Ultimately, Ten Eleven's influence will likely extend beyond financial returns. As cybersecurity becomes increasingly central to national security, economic competitiveness, and digital trust, the firm's role in identifying and scaling the next generation of security innovators positions it as a critical node in the infrastructure protecting the digital future.
Key people at Ten Eleven Ventures.
