According to VentureBeat, former YL Ventures senior partner John Brennan has launched a new $33 million solo-led cybersecurity fund called Holly Ventures. The fund, announced on December 9, 2025, is designed exclusively for seed-stage cyber startups and is built on a model that prioritizes founder access and a high-density network over simply providing capital. It’s backed by a notable list of investors including Bessemer Venture Partners, Ballistic Ventures, IVP, and institutions like Vanderbilt University. Holly Ventures has already made six investments, with two progressing to Series A, participating in $5-10 million rounds led by firms like Index Ventures and Sequoia. The firm operates from San Francisco but invests across both the U.S. and Israeli cybersecurity ecosystems.
The Access-Over-Assets Thesis
Here’s the thing: Brennan’s argument makes a lot of sense if you look at the current market. The press release states that “great early-stage security founders generally aren’t lacking for capital.” And it’s true. There’s a ton of money sloshing around the sector. So the differentiator can’t just be the check size. The bet here is that what founders really crave at the “Day Zero” stage is direct, unfiltered access to a decision-maker (the GP) and a network that can actually open doors. It’s the promise of an angel investor’s responsiveness but with the backing and connections of a major platform. That’s the “intentional asymmetry” they’re selling. Will it work? For founders tired of being a small fish in a massive VC’s pond, it’s probably a compelling pitch.
The Solo-GP Advantage (And Question)
This model leans hard into the solo-GP trend. The idea is that by having one point of contact—John Brennan—founders get consistency and a partner who’s truly in the weeds. The testimonials from founders like Jonathan Langer of Medigate and Eran Barak of MIND hammer this home, talking about Brennan being a “first phone call” and someone who “roll[s] up his sleeves.” That’s powerful social proof. But it also raises the classic solo-GP question: scalability. A $33 million fund is substantial, but it’s not a mega-fund. The strategy seems to be to stay intentionally small and focused, acting as a collaborative partner in rounds led by others. It’s a niche play, but in the noisy world of early-stage cyber, a clear niche might be exactly what gets you the best deals.
Network as the Core Product
Basically, Holly Ventures is packaging its LP list and Brennan’s personal rolodex as its core product. The backers aren’t just sources of capital; they’re a pre-vetted ecosystem of potential customers, co-investors, and advisors. For a startup trying to sell into enterprises or navigate the complex industrial technology landscape, that kind of targeted access is arguably more valuable than an extra million dollars on the cap table. It turns the fund into a business development engine. This is where the firm’s reach into both Silicon Valley and Israel’s cybersecurity hub could be a massive advantage, connecting technical founders with market realities faster.
A Corrective to Platform Bloat?
Look, the subtext here is a critique of the modern “venture platform.” Many large firms have built huge teams offering portfolio services—marketing, talent, biz dev—which can be amazing. But it can also feel impersonal and bureaucratic. Holly Ventures is positioning itself as the antidote: all the value, none of the bloat. It’s a bet that in the earliest, most fragile days of a company, a single dedicated, well-connected ally beats a suite of services every time. I think it’s a smart positioning. Whether it translates to outsized returns remains to be seen, but it definitely fills a perceived gap in the market. And in venture, sometimes the best way to win is to simply be the firm founders *like* working with the most.
