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The Venture Codex

Merlin Ventures

8330 Boone Blvd Fl 8, Vienna, VA, 22182, United States

Overview

Venture capital firm investing in cybersecurity companies.

Deals ยท 12mo

7

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Israel
United States

Sector focus

Business Development
Cyber Security
Financial Services
Venture Capital

Investment portfolio

21rounds
NAMEDATESIZE
Neo
Jul 2026Participated
$75 MSeries A
QIZ Security
Jul 2026Led
$17 MSeed
Above Security
Mar 2026Led
$43 MSeries A
Native
Mar 2026Participated
$31 MSeries A
Jazz
Mar 2026Participated
$43 MSeries A
Torq
Jan 2026Led
$140 MSeries D
Above Security
Jan 2026Led
$7 MSeed
Fabrix Security
Sep 2025Led
$8 MSeed
Jazz
Apr 2025Participated
$18 MSeed
Clutch Security
Jan 2025Participated
$20 MOther Equity
Tamnoon
Sep 2024Participated
$12 MSeries A
Sepio
Aug 2024Participated
$11 MSeries B
Neo
Jul 2026Participated
$75 MSeries A
QIZ Security
Jul 2026Led
$17 MSeed
Above Security
Mar 2026Led
$43 MSeries A
Native
Mar 2026Participated
$31 MSeries A
Jazz
Mar 2026Participated
$43 MSeries A
Torq
Jan 2026Led
$140 MSeries D
Above Security
Jan 2026Led
$7 MSeed
Fabrix Security
Sep 2025Led
$8 MSeed
Jazz
Apr 2025Participated
$18 MSeed
Clutch Security
Jan 2025Participated
$20 MOther Equity
Tamnoon
Sep 2024Participated
$12 MSeries A
Sepio
Aug 2024Participated
$11 MSeries B
21
Items
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Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Merlin Ventures: 21 funding rounds are recorded in the selected participation categories.All available history.
Merlin Ventures: 21 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed54
Series A25
Series B03
Series C+10
Other Equity01

Monthly Deal Activity

Merlin Ventures: 21 deals are recorded across 84 months.All available history.
Merlin Ventures: 21 deals are recorded across 84 months. All available history
MonthDeals
Nov '191
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '211
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '221
Jun '220
Jul '221
Aug '221
Sep '220
Oct '220
Nov '220
Dec '221
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '231
Aug '230
Sep '231
Oct '230
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '240
Jul '241
Aug '241
Sep '241
Oct '240
Nov '240
Dec '240
Jan '251
Feb '250
Mar '250
Apr '251
May '250
Jun '250
Jul '250
Aug '250
Sep '251
Oct '250
Nov '250
Dec '250
Jan '262
Feb '260
Mar '263
Apr '260
May '260
Jun '260
Jul '262
Aug '260
Sep '260
Oct '260

Sector Breakdown

Merlin Ventures: Cybersecurity & Privacy is the largest displayed sector by deal count (18 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Merlin Ventures: Cybersecurity & Privacy is the largest displayed sector by deal count (18 deals). All available history
SectorDeals
Cybersecurity & Privacy18
AI & Machine Learning7
Hardware & Robotics5
Networks, Cloud & Communication4
Enterprise Software4
Professional Services4
Government & Defense1
Space & Frontier Tech1
Transportation & Logistics1
Developer Tools1

Deal Size Distribution

Merlin Ventures: 21 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Merlin Ventures: 21 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M0
$5M-$10M7
$10M-$25M6
$25M-$50M4
$50M-$100M2
$100M-$250M2
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Merlin Ventures: United States has the largest recorded deal count among the displayed regions (12 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

Merlin Ventures: United States has the largest recorded deal count among the displayed regions (12 deals). All available history
RegionDeals
United States12
Israel7
208501
Europe1
Merlin Ventures: 20 co-investors are shown, with Team8 sharing 4 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Merlin Ventures: 20 co-investors are shown, with Team8 sharing 4 recorded deals. All available history
Co-investorShared deals
Team84
Ballistic Ventures3
Bessemer Venture Partners3
Evolution Equity Partners3
Glilot Capital Partners3
Lightspeed Venture Partners3
Norwest Venture Partners3
Today Ventures3
CrowdStrike2
Elron Ventures2
Encoded Ventures2
Hanaco Ventures2
Inner Loop Capital2
Insight Partners2
MassMutual Ventures2
Mindset Ventures2
PICO Venture Partners2
Secret Chord Ventures2
Ten Eleven Ventures2
Andreessen Horowitz1

Investment Strategy

Merlin Ventures: Led accounts for 38% and participating for 62% of round participation.All available history.
Merlin Ventures: Led accounts for 38% and participating for 62% of round participation. All available history
CategoryDeals (count)Share (%)
Led838%
Participating1362%
Merlin Ventures: Single-lead accounts for 13% and co-led for 88% of lead dynamics.All available history.
Merlin Ventures: Single-lead accounts for 13% and co-led for 88% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead113%
Co-led788%

Team

Andrew Smeaton

Chief Information Security Officer-in-Residence

Seth Spergel

Managing Partner & Co-Founder

Shay Michel

Managing Partner & Co-Founder