Squadra Ventures raises $105 million to invest in early-stage cyber and national security companies

Squadra team members at their annual investor conference.


JULY 26, 2023

BALTIMORE, MD — Squadra Ventures, a venture capital firm that invests in early-stage cyber and national security companies, today announced the successful raise of $105 million in a new fund that has already deployed capital into three world-class companies advancing America’s critical edge.

Squadra II will expand the expertise and network available to seed-stage entrepreneurs building dual-use technologies to be deployed across government, military and mission-critical industries. The firm surpassed its initial goal of $80 million and has now set a target of between $110 and $120 million for the final close.

Squadra was founded in 2019 by Guy Filippelli, a former Army intelligence officer who led cybersecurity company RedOwl Analytics to acquisition by Forcepoint in 2017. Setting out to create the venture capital platform Filippelli wished had existed during his journey in entrepreneurship, Squadra has assembled a team of founder-operators who draw on deep experience in cyber and national security and an expansive advisory network to help early-stage entrepreneurs make better decisions and accelerate their growth.

“With the right mix of people, geography and ability to maneuver in a complex ecosystem, Squadra has the pieces in place to provide transformational support that will alter the outcomes of 15 phenomenal cyber and national security companies,” said Guy Filippelli, Managing Partner of Squadra Ventures. “We’re grateful to our limited partners for putting their trust in us.”

The firm has already made three investments from Squadra II, including:

  • NetRise, a firmware security company focused on Extended Internet of Things (XIoT) devices. Read more.
  • Primordial Labs, an AI company transforming the way warfighters interact with complex systems. Read more.
  • Datalogz, a Business Intelligence Ops platform on a mission to end BI and analytics sprawl. Read more.

With Squadra II, the firm has strengthened its core team to bring industry expertise in cybersecurity and national security. This includes Principals who have deep experience identifying disruptive technologies and leading startups that bring it to market:

Adam Bixler joined the team this year to lead the firm’s cybersecurity practice. An Air Force veteran, he is also an experienced entrepreneur and operator who led the cybersecurity companies Efflux Systems and Netscout to acquisition. Most recently, he served as an executive at cybersecurity unicorn BlueVoyant. Read more.

Dan Madden leads the firm’s national security practice. A former Marine, Madden is a leading voice at the intersection of technology, defense and policy. He served as a director at the National Security Innovation Network, senior policy analyst at the RAND Corporation, Special Assistant to the Under Secretary of Defense during the Obama administration and as a legislative assistant to two members of Congress.

Squadra leads Pre-Seed to Series A rounds with investments of $2–4 million. Applying a team of teams model, the firm adds significant resources beyond the check to help companies drive operational efficiency, an enterprise mindset and a go-to-market strategy that positions them to win.

Squadra II builds on the momentum of Squadra’s $27 million first fund. The firm made nine investments, including airborne imaging systems company Overwatch Imaging, onboard operational technology data company Shift5 and Instant Teams, a remote talent marketplace. Vendor risk assessment platform Privva and fintech startup Pinkaloo were acquired.

“Through the experience of investing from Fund I, we learned a tremendous amount from an amazing group of entrepreneurs as we applied a growth-stage mindset to the seed stage,” Filippelli said. “Building on our commitment to our dedicated post-investment strategy and the power of our network, we’re hyper-focused and are proud to continue partnering with entrepreneurs delivering massive impact.”

About Squadra Ventures

Press Contact: Stephen Babcock <stephen@squadra.vc>

Squadra Ventures is a venture capital firm led by founder-operators that invests in early stage cyber and national security companies. Grounded in the belief that success is a combination of people, product, and planning, the Squadra team provides transformational support to startup leaders in the complex dual-use technology ecosystem. By applying a growth-stage mindset at the seed stage and a commitment to building alongside entrepreneurs, Squadra empowers extraordinary teams to win and leave a lasting positive impact on the world. Learn more at https://squadra.vc.

Stephen Babcock

Stephen Babcock is the Head of Media at Squadra Ventures. Stephen works to grow the Squadra brand through content, PR and events. Working closely with the Squadra team and portfolio companies, he tells stories, builds audience and makes the creative a driver of value. Stephen has built new media products across B2B and general interest news. He built, launched and served as editor of The Current, a B2B media platform for ecommerce professionals, and supported the marketing and brand activities of parent company Incremental, a retail media attribution and measurement platform. Over a 15-year career as a journalist across print and digital, he worked as an editor with outlets such as the tech news network Technical.ly, and a reporter with publications such as The New York Times, NOLA.com | The Times-Picayune, The Rio Grande Sun and The Patriot-Ledger.


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