Bonfire Ventures, a Los Angeles, CA-based venture capital firm, closes two funds investing in seed-stage B2B software companies, totaling over $230m.
The firm closed:
- its third core seed fund at $168 million, and
- its second opportunity fund, at $63 million.
Co-founded by managing directors Jim Andelman and Mark Mullen, Bonfire Ventures invests at the seed stage of B2B software founders. The firm only invests in a select number of companies, committing to no more than 25 to 30 investments per fund. Bonfire Ventures will use the new funding to invest in a select number of B2B software companies while providing specialized support for seed-stage B2B software founders in their most critical moments.
The firm has now raised five funds since its founding in 2017 and, including predecessor funds, has over $1 billion under management. Bonfire’s first two core funds have performed in the top 10% of global venture capital (VC) funds for their respective vintage years.
Over 85% of portfolio companies have raised follow-on capital, collectively raising over $1.15 billion. Significant exits include Moat (acquired by Oracle), The TradeDesk (IPO), TaxJar (acquired by Stripe), EmailAge (acquired by Lexis Nexis), and Openpath (acquired by Motorola).
Bonfire’s third managing director, Brett Queener, joined in 2018 and has over twenty years of direct B2B software experience as an operating executive for Salesforce.com, Siebel Systems, and more.
FinSMEs
06/06/2022