The Bulwark platform
Capital is the entry fee. The work starts after the wire.
Security companies fail on distribution and hiring far more often than on technology. Our platform is built around exactly those two problems.
How we operate
The machine, not the menu.
Six stages, the same team the whole way through. Each one leaves an artifact — this is what actually happens, not a services list.
Sourcing
How conviction starts before a deck exists.
We meet founders twelve to eighteen months before they raise, through the CISO network and our own operators — not a cold inbound funnel.
Diligence
Specialist diligence beats generalist speed.
Technical diligence run by people who have shipped and defended security at scale, often alongside a CISO from our network.
Decision
A real answer, either way.
A clear yes or no from the partnership within two weeks, with the reasoning — never a slow-rolled maybe.
Board & Building
Introductions, not just decks.
Board partners who make warm introductions to the CISO network and help make the hardest hires from week one.
Follow-on
Conviction shows up as the next check.
Roughly half of every fund is reserved for follow-on. When a company is working, we lean in — often the largest check on the round.
Exit
Through to IPO or acquisition.
Pre-IPO readiness and secondary liquidity planning with the same partners who led the first check.
Deploying capital
Check sizes, stage by stage.
| Stage | Check | Ownership | Use |
|---|---|---|---|
| Seed | $1M – $4M | Lead or co-lead | First institutional round, founding-team hiring |
| Series A | $5M – $15M | Lead | Enterprise GTM, CISO introductions |
| Series B+ | $15M – $40M | Lead or co-lead | Platform expansion, executive recruiting |
| Growth & follow-on | Up to $75M | Reserves-led | Pre-IPO readiness, secondary liquidity |
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