Brightmind Partners Raising Second $250 Million Cybersecurity Fund
AI-generated image · US National Wire
Founder Stephen Ward targets a repeat of his debut fund size amid a shift in early-stage security investment trends.
Stephen Ward, the sole general partner of New York-based Brightmind Partners, is raising a second cybersecurity fund targeting approximately $250 million, as TechCrunch first reported. This target matches the size of the firm's debut fund closed late last year.
Ward is pursuing the new fund alone following the April departure of co-founder Gur Talpaz and early employee Tayler Sipperly. In describing the split, Ward pointed to "differences in opinions regarding operations and the future of Brightmind," according to TechCrunch. Talpaz and Sipperly subsequently co-founded a separate venture firm with Elia Zaitsev.
Ward's investment strategy is highlighted by a pragmatic approach to exits. A key proof point cited by TechCrunch is SGNL, an identity security startup. Brightmind led SGNL's Series A round, and the company was later acquired by CrowdStrike in January for $740 million.
Ward's push for additional capital comes as a broader market shift occurs; TechCrunch reports that for the first time in over a decade, early-stage cybersecurity startups are raising more capital than their later-stage counterparts. Ward brings a deep operational background to the firm, having served as CISO at Home Depot and TIAA, and previously spending nine years in the Secret Service and four years in the Coast Guard.