Security Capital · Est. 2016
BULWARK
Security is the precondition for everything else.
Every product, transaction, and institution now runs on software that is under constant, well-funded attack. Bulwark is the specialist fund for the founders building the defense — with capital, conviction, and a record that goes back further than this cycle.
The load
0
days undetected
how long a serious intrusion can sit undetected before anyone notices
The problem defenders exist to close
Conviction
Attackers are capitalized like startups and organized like enterprises. Defense is no longer a cost center — it is the load-bearing wall of the digital economy.
We were recording before this cycle started.
Non-optional spend
The rare budget line that survives every cut.
The attack surface only expands
Every platform shift is a security market first.
Trust is the real product
Trust becomes infrastructure, and infrastructure compounds.
Distribution favors specialists
A specialist fund shortens the path to a signed contract.
Portfolio
The ledger.
Twelve companies since 2016 — chronological, with Bulwark's position on each. A record of decisions, not a directory.
Open full ledger →- 2016Vectra AIThreat IntelBulwark · LeadSeries C
- 2017Aqua SecurityCloud SecurityBulwark · LeadSeries E
- 2018SemperisIdentityBulwark · Co-leadSeries C
- 2019ExpelResilienceBulwark · LeadSeries E
- 2019GitGuardianAppSecBulwark · LeadSeries B
- 2020WizCloud SecurityBulwark · Seed leadAcquired · 2025
- 2021CyeraData SecurityBulwark · LeadSeries C
- 2021Abnormal SecurityThreat IntelBulwark · Co-leadSeries C
- 2022TorqResilienceBulwark · LeadSeries B
- 2022Oligo SecurityAppSecBulwark · LeadSeries A
- 2022NormalyzeData SecurityBulwark · Co-leadSeries A
- 2023Oasis SecurityIdentityBulwark · Seed leadSeries A
Fronts
- Threat Intelligence & Detection2016
- Cloud & Infrastructure Security2017
- Identity & Access2018
- Data Security & Privacy2019
- Operational Resilience2019
- Application & Supply-Chain Security2020
How we work
We keep a low profile. On purpose.
The people we invest in defend systems adversaries are actively trying to break — so the people investing in them shouldn't become a second attack surface. We'd rather be known by the companies we invest in than by the noise we make about ourselves.
The next line of defense
If you're building it, we want the first call.
We lead early, hold conviction, and stay through the rounds that matter.
For Founders