Step Function Ventures

Step Function Ventures is a Boston-based venture capital firm that invests in early-stage enterprise software companies across the United States and Europe. The firm focuses on sectors such as data and AI infrastructure, cybersecurity, and developer tools, aiming to support founders shaping the future of enterprise software. Step Function Ventures seeks to be the first money into companies that are building the next generation of enterprise infrastructure, providing both capital and strategic guidance to accelerate growth.

The firm's investment strategy centers on identifying technical founders at the earliest stages and offering them the support, domain experience, and accessibility of a super angel. Step Function Ventures emphasizes a hands-on approach, leveraging a well-connected network to provide introductions to potential customers, candidates, and investors. This approach is designed to help founders achieve significant milestones and scale their businesses effectively.

Founded in 2022, Step Function Ventures is led by Founder and General Partner Will Lehmann, who has a decade of experience investing in early-stage enterprise software companies. Prior to starting Step Function Ventures, Lehmann was a Partner at Bain Capital Ventures, where he focused on early-stage investments in enterprise software. The firm's first fund, Step Function Ventures Fund I, was launched in July 2023, with a fund size that is currently undisclosed. The firm is actively investing and has made at least one investment in 2024, with a reported average round size of $2 million. The firm's portfolio includes companies such as Proofs, which raised a $2 million seed round in June 2024, and Zephyr Cloud IO, which raised a seed round in April 2024. Step Function Ventures continues to seek opportunities to invest in innovative enterprise software companies across its target regions.