BONFIRE VENTURES

Thesis

Bonfire Ventures is a venture capital firm founded in 2017, headquartered in Los Angeles, California. They exclusively focus on seed-stage business-to-business (B2B) software companies. Their core investment thesis centers on AI-native B2B software, emphasizing companies where the product improves with use, creating a compounding loop. They focus on sectors such as vertical AI, proprietary data, services-to-software, fintech infrastructure, agent-native infrastructure, and structural reshaping. The firm prioritizes founder quality, early recurring revenue, and evidence of product-market fit and customer retention. Bonfire Ventures believes that transformative value is created in business software rather than consumer applications or hardware. They operate a high-conviction, low-volume investment model, backing approximately 10-12 companies per year to provide significant hands-on support. As of 2025, Bonfire Ventures has over $1 billion in assets under management (AUM) across four core funds and related companion funds. Bonfire IV, their largest fund to date, closed in February 2025 with $245 million. The firm has raised multiple funds, including Bonfire I ($63 million in 2018), Bonfire II ($100 million in 2020), and Bonfire III ($168 million in 2022). Bonfire Ventures typically leads seed rounds with initial checks ranging from $2 million to $5 million. They reserve approximately 50-60% of their fund for follow-on investments. Founders can submit their company information via the Bonfire Ventures website.

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• Seed-stage AI investors
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• Seed investors based in Los Angeles, CA