Ten Eleven Ventures Taps Geopolitics Expert for Major Expansion

BURLINGAME, CA – January 28, 2026 – Ten Eleven Ventures, the pioneering cybersecurity-focused venture capital firm, has announced a significant leadership expansion, most notably appointing Grace Cassy, a former UK government national security advisor and veteran cyber investor, as its newest Partner. The move, coupled with a series of key internal promotions, signals a deliberate strategy to deepen the firm's expertise at the volatile intersection of geopolitics, defense technology, and cybersecurity.

This strategic reinforcement comes as the firm builds on a wave of momentum, having been recognized with multiple industry accolades in 2025, including 'Investor of the Year' at the SC Awards. By bringing Cassy's national security acumen into its core investment team and elevating proven internal operators, Ten Eleven is positioning itself to navigate and capitalize on an increasingly complex global threat landscape.

Geopolitics as a Core Investment Thesis

The appointment of Grace Cassy is a clear statement of intent from Ten Eleven Ventures. In an era defined by global instability and pervasive “grey-zone” conflicts, her unique background is a strategic asset. Cassy is not a typical venture capitalist. She spent a decade in the UK Government, including a tenure as a direct advisor to Prime Minister Tony Blair on Asia and national security. Her experience is rooted in the very geopolitical tensions that are now driving digital conflict and shaping national defense strategies.

Before joining Ten Eleven, Cassy co-founded CyLon, an accelerator and investment firm that supported over 80 early-stage security startups and was ranked as one of the most active cyber investors globally. Her focus at Ten Eleven will be on seed and early-stage investments in security, resilience, and defense tech, with a particular emphasis on the thriving Israeli ecosystem. This aligns with her deep investment track record in the region and Ten Eleven’s global mandate.

Alex Doll, Founder and Managing Partner at Ten Eleven, emphasized the timeliness of this expertise. “We have known Grace for many years, previously working with her in many capacities,” he said. “Her deep skills in the sector, investment track record in Israel, and skill set directly supporting early-stage companies make her an ideal new Partner... In an era of global instability and increased grey-zone conflict, she will be a powerful resource to founders building enduring companies at the intersection of geopolitics and cybersecurity.”

Cassy will also continue to chair Ten Eleven’s Security Trust and Resilience (STAR) network, a community of leading global security executives. This role provides portfolio companies with unparalleled access to potential customers and market feedback, bridging the gap between innovators and practitioners.

Fortifying the Ranks from Within

While Cassy’s arrival marks a significant external hire, Ten Eleven is simultaneously reinforcing its operational prowess by promoting key internal leaders to Partner. This dual approach of attracting outside expertise while cultivating internal talent underscores a comprehensive growth strategy aimed at providing more than just capital.

The promotions of Scott Lundgren and Megan Dubofsky to Partner are particularly telling. Lundgren, the firm’s Chief Technology Officer and a founding team member of the highly successful cybersecurity company Carbon Black, provides portfolio companies with invaluable technical and product guidance. His experience steering a company from inception through a successful IPO and subsequent acquisition by VMware offers founders a rare and practical resource. As Partner, Lundgren will increase his focus on evaluating new investments while continuing his hands-on support.

Similarly, Megan Dubofsky, the firm’s Chief Marketing Officer, has been instrumental in helping portfolio companies refine their go-to-market motions. Her promotion to Partner recognizes her pivotal role in building marketing capabilities and providing strategic guidance that accelerates growth. Like Lundgren, she will now dedicate more time to sourcing and securing new investment opportunities.

“We are building an enduring firm,” added Mark Hatfield, Founder and General Partner. “As our firm scales, it’s essential that our leadership reflects both performance and long-term alignment with our strategy. Each promoted leader has played a central role in capital deployment, portfolio support, and firm-building efforts for years.”

Further promotions include Katherine Lohr-Valdez to Chief Financial Officer (CFO) and Hattie Egan-Young to Vice President (VP) of Marketing, bringing the firm to 14 employees, seven of whom are now partners.

Capitalizing on the Defense Tech Boom

Ten Eleven’s strategic moves are perfectly timed to capitalize on a seismic shift in the investment landscape. While the broader venture market has cooled, investment in defense technology is surging. In 2025, the sector saw unprecedented capital inflows, with Q2 alone reaching $19.1 billion, more than double the previous quarter. This boom is fueled by a global race for technological sovereignty and a focus on “dual-use” innovations that serve both commercial and military needs.

The firm’s portfolio already reflects this trend, with over $68 million deployed in 2024 into companies like Darkhive, which develops autonomous robotics for defense. Grace Cassy's appointment is set to accelerate this focus, leveraging her defense and national security background to identify the next generation of essential technologies.

The firm’s recent accolades further solidify its market leadership. In 2025, Ten Eleven was named 'Investor of the Year' at the prestigious SC Awards, recognized on the inaugural TIME and Statista list of 'America’s Top Venture Capital Firms,' and ranked by PitchBook as one of the 10 most active investors in cybersecurity. These honors validate the firm's specialized, cyber-exclusive model in a competitive market.

This comprehensive approach—combining deep operational support, strategic foresight into geopolitical trends, and a disciplined, cyber-exclusive focus—positions the firm not just as a source of capital, but as a critical partner for founders navigating one of the most complex and vital sectors in the global economy. With a team of 14, including seven partners across four offices, and a portfolio of over 70 companies in 13 countries, Ten Eleven Ventures has constructed a formidable platform for shaping the future of digital security.