Bonfire Ventures
Investment Details
Investor Type
Venture Capital
Asset Class Focus
Venture Capital
Stage Focus
Seed, Early Stage
Geographical Focus
United States
Industries Focus
- Financial Services
- Technology
- Healthcare
- Energy
- Consumer Goods
- Real Estate
- Telecommunications
- Media
- Retail
- Software
- Education
- Agriculture
- FinTech
- Transportation
- Artificial Intelligence
- Financial Technology
- Manufacturing
- Enterprise Software
Investment Size:
2,500,000 to 4,000,000 USD
Investor Details Founded: 2017
Bonfire Ventures is a Los Angeles-based venture capital firm specializing in seed-stage investments in B2B software companies. Founded in 2017 by Jim Andelman and Mark Mullen, the firm focuses on startups with recurring revenue models and applications of artificial intelligence. As of 2025, Bonfire Ventures manages over $1 billion in assets across four funds, including Bonfire IV, which closed at $245 million in February 2025.
The firm's investment strategy centers on leading seed rounds and providing hands-on, founder-led support to a select number of companies each year. Bonfire Ventures typically invests between $2.5 million and $4 million in companies generating at least $500,000 in annual recurring revenue, demonstrating early signs of product-market fit and customer retention. The firm often acts as the lead investor and reserves capital for follow-on investments.
Bonfire Ventures has a strong track record, with over 85% of its portfolio companies raising follow-on capital, collectively exceeding $1.15 billion. Notable exits include Moat (acquired by Oracle), The Trade Desk (IPO), TaxJar (acquired by Stripe), Emailage (acquired by Lexis Nexis), and Openpath (acquired by Motorola). The firm's portfolio includes companies across sectors such as financial technology, enterprise software, and artificial intelligence, with investments in AI-focused startups like Operative Intelligence and Rwazi.
Requirements
- Seed-stage B2B software companies with recurring revenue models and applications of artificial intelligence.
- Recurring revenue model
- Application of artificial intelligence
- Early signs of product-market fit
- Customer retention
- B2B software companies
- Annual recurring revenue of at least $500,000
- Early signs of product-market fit and customer retention
Contact
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Portfolio Companies
- MNTN
- Spekit
- Cube
- Boulevard
- Operative Intelligence
- Rwazi
- Postie
- Topline Pro
- ChowNow Inc.
- Supio
- Moat
- The Trade Desk
- TaxJar
- Emailage
- Openpath
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