Bonfire Ventures
Bonfire Ventures is a Los Angeles-based seed-stage venture capital firm that leads $2–4 million rounds in B2B SaaS companies, taking board seats on 95% of investments and reserving 50% of fund capital for follow-ons. The firm manages four funds and reports over $18 billion in portfolio exit value.
- Company typePrivate
- Founded2017
- HeadquartersLos Angeles, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Bonfire Ventures does
Bonfire Ventures is a Los Angeles-based, seed-stage venture capital firm that leads early financings exclusively in B2B software. Co-founded in 2017 by Jim Andelman (formerly Managing Partner at Rincon Venture Partners) and Mark Mullen, the firm operates a high-conviction, low-volume model, deploying 10–12 initial investments per year with checks of $2–4 million, board seats on 95% of portfolio companies, and reserves of 50% of each fund committed to follow-on capital. The team consists of five partners and team members (Mark Mullen, Jim Andelman, Brett Queener, Deb Goldstein, and Tyler Churchill), supported by a CFO, two vice presidents, and a principal, and is headquartered at 11611 San Vicente Blvd. #650 in Los Angeles.
The firm backs seed-stage B2B SaaS companies with generally available products and fast revenue growth, with a stated thesis that has tilted sharply toward AI-native companies that leverage agentic frameworks, large language models, and compounding data loops. Portfolio companies span vertical SaaS (Boulevard, Alvys, Topline Pro), AI-native automation (Risotto, Ranger AI, Katalyze AI, Vali Health, Juno, Odynn, Santé, 1Fort, Mithrl), consumer insights (Rwazi, Disqo), fintech (Hum Capital), restaurant tech (ChowNow), and infrastructure (Figment, Invoca). The portfolio claims over $18 billion in exit value, including marquee outcomes such as The Trade Desk, TaxJar (acquired by Stripe), MNTN (IPO at ~$2 billion), and Scopely.
Revenue is generated through traditional VC economics: management fees on committed capital and carried interest on fund returns. Bonfire has raised four successive funds, with Fund IV launched in July 2025. The firm is owned and controlled by its founding and operating partners and is not publicly traded. Capital is sourced and deployed through direct relationship channels, portfolio founder referrals, angel network introductions, and an inbound Typeform pitch portal; deal flow is concentrated in U.S.-based B2B SaaS companies, though portfolio investments include teams in Canada and Poland. Community- and brand-building assets include Brett Queener's "Tales from The Bonfire" Substack, an annual Founder Summit in Ojai, California, and a portfolio jobs portal powered by Getro and Ashby HQ.
Bonfire Ventures firmographics
Firmographics- Name
- Bonfire Ventures
- Legal name
- Bonfire Ventures
- Website
- https://bonfirevc.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Bonfire Ventures is a Los Angeles-based seed-stage venture capital firm that leads $2–4 million rounds in B2B SaaS companies, taking board seats on 95% of investments and reserving 50% of fund capital for follow-ons. The firm manages four funds and reports over $18 billion in portfolio exit value.
- Ownership category
- akta.pro rank
Bonfire Ventures industry classification
Industry- Product category
- Seed-stage Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
Keywords
Where Bonfire Ventures is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Bonfire Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Management fees and carried interest: Bonfire Ventures generates revenue through traditional VC economics: management fees on committed capital and carried interest (performance fees) on fund returns. Their Fund IV is referenced as of July 2025. The firm reserves 50% of each fund for follow-on capital, indicating a long-term commitment model with capital recycling from successful exits.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Seed investment initial check: $2-4M per company |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Bonfire Ventures product offering
Product offeringCore offering
Bonfire Ventures is a seed-stage venture capital firm that leads investment rounds of $2-4M exclusively in B2B software companies, typically taking a board seat and reserving 50% of fund capital for follow-on rounds. Operating a high-conviction, low-volume model, the firm invests in only 10-12 companies per year and provides ongoing partnership support from seed through growth stages. The firm is recognized for its specialization in AI-native B2B software, its 95% board seat rate, and downstream investor relationships that enable portfolio companies to raise Series A at nearly 4x the industry average.
Product overview
Bonfire Ventures is a seed-stage venture capital firm specializing in B2B software investments, with over $18B in exit value realized across its portfolio. The firm operates as an investment platform rather than a product company, providing capital, board oversight, and partnership support to a portfolio of AI-native and vertical SaaS companies. The portfolio spans diverse sectors including AI-powered help desk automation (Risotto), industrial revenue operations (Ranger AI), pharmaceutical manufacturing AI (Katalyze AI), home care AI (Vali Health), tax automation (Juno), travel infrastructure (Odynn), wine/spirits retail AI (Santé), insurance automation (1Fort), consumer insights (Rwazi), home services marketing (Topline Pro), beauty business management (Boulevard), logistics AI (Alvys), and restaurant ordering (ChowNow), among others. The firm maintains an online jobs portal for portfolio companies and offers investment criteria information through its website.
Differentiator
Problem solved
Functional benefit
Products and services
- Seed-stage Investment Services Seed-stage venture capital investment services for B2B software companies, providing $2-4M initial checks, board seats, follow-on capital reserves, and ongoing partner support from seed through growth stages for 10-12 companies per year.
- Portfolio Jobs Portal
Quantifiable outcome
- Portfolio companies have created over $18B in exit value, including MNTN (IPO, ~$2B valuation), TaxJar (acquired by Stripe), and multiple other acquisitions
- +3 more outcomes
Companies that use Bonfire Ventures
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Bonfire Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Bonfire Ventures partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- AnthropiccoreAnthropic's COO Paul Smith participated in a candid conversation at the Bonfire Founder Summit (May 2026), discussing how enterprise buyers are thinking about AI, go-to-market changes, and what founders should pay attention to. The conversation was hosted by Bonfire Partner Brett Queener, with Anthropic being a key AI model provider in Bonfire's investment thesis around AI-native companies.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Bonfire Ventures competitors and assessment
Company assessmentDirect peers
- Base Partners: Seed-stage venture capital firm focused exclusively on B2B SaaS companies. Similar high-conviction model with early-stage investments in vertical software and SaaS infrastructure.
- Lerer Hippeau: Early-stage venture capital firm investing in seed and Series A rounds across consumer and B2B companies. Similar seed-stage focus with strong New York presence and hands-on portfolio support.
- Uncork Capital: Seed-stage venture capital firm (formerly SoftTech VC) focused on B2B SaaS and enterprise software. Direct comparable with similar check sizes and early-stage investment approach.
- Eniac Ventures: Seed-stage VC focused on B2B SaaS and enterprise software companies. Similar thesis around early-stage B2B investments with deep technical founder support.
- Floodgate: Early-stage venture capital firm investing in seed and Series A rounds, with strong B2B SaaS portfolio. Similar high-conviction approach and founder-focused partnership model.
- Crosscut Ventures: LA-based seed-stage venture capital firm investing in B2B software and technology companies. Direct geographic and sector peer to Bonfire's LA-based operation.
- Costanoa Ventures: Early-stage venture capital firm focused on B2B SaaS and enterprise software. Similar seed-stage investment thesis with emphasis on founder quality and product-market fit.
- Greycroft: Early-to-growth stage venture capital firm with significant B2B SaaS portfolio. Comparable investment approach though larger fund size and broader stage focus.
- Wing Venture Capital: Enterprise-focused venture capital firm investing in B2B software and AI companies. Similar thesis around business software with deep operating partner network.
Broad incumbents
- First Round Capital: Prominent seed-stage venture capital firm with broad sector focus including B2B SaaS. Larger fund size and broader stage reach, but competes for similar seed-stage B2B deals.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Bonfire Ventures social profiles
Digital presenceBonfire Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bonfire Ventures leadership team
Management profileNumber of profiles
Profiles9 records
Bonfire Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bonfire Ventures M&A and investment
M&A and investmentM&A
Investments206 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bonfire Ventures
What does Bonfire Ventures do?
Bonfire Ventures is a seed-stage venture capital firm that leads investment rounds of $2-4M exclusively in B2B software companies, typically taking a board seat and reserving 50% of fund capital for follow-on rounds. Operating a high-conviction, low-volume model, the firm invests in only 10-12 companies per year and provides ongoing partnership support from seed through growth stages. The firm is recognized for its specialization in AI-native B2B software, its 95% board seat rate, and downstream investor relationships that enable portfolio companies to raise Series A at nearly 4x the industry average.
Is Bonfire Ventures a public or private company?
Bonfire Ventures is a private company. It is classified as management employee owned and is currently operating.
When was Bonfire Ventures founded?
Bonfire Ventures was founded in 2017. It employs 11 to 50 people.
Where is Bonfire Ventures based?
Bonfire Ventures is headquartered in Los Angeles, United States, in the North America region.
How does Bonfire Ventures make money?
One revenue line is on record: management fees and carried interest.
Who are Bonfire Ventures's main competitors?
Direct peers on record are Base Partners, Lerer Hippeau, Uncork Capital, Eniac Ventures, Floodgate, Crosscut Ventures, Costanoa Ventures, Greycroft and Wing Venture Capital. First Round Capital is listed as a broad incumbent.
Does Bonfire Ventures have an API?
No public API is recorded for Bonfire Ventures.
What industry is Bonfire Ventures in?
Bonfire Ventures's product category is Seed-stage Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAC, Late-Stage Venture Capital (Series C+). Its NAICS code is 52394 and its SIC code is 6211.