About This Fund
Bonfire Ventures Fund IV is a $245 million seed venture capital fund managed by Bonfire Ventures — the Los Angeles-based B2B software specialist founded by Mark Mullen and Jim Andelman — and is the largest vehicle in the firm's history. The fund reached final close in February 2025, directly following the successful close-out of Fund III, which saw 73% of seed investments advance to Series A within 24 months of initial check.
Fund IV continues Bonfire's seed-stage B2B software mandate with expanded attention to artificial intelligence integration. Over half of Fund III's portfolio companies became AI-native during their growth, and Fund IV anticipates deeper AI embeddedness across its target verticals: e-commerce and fintech convergence, construction, healthcare, insurance, industrial automation, and legacy business categories undergoing digital transformation. The fund writes average initial checks of approximately $2.7 million at pre-money valuations around $16.4 million, leading seed rounds as the primary institutional backer. Partner Brett Queener (former Salesforce EVP of Global Commercial Sales) joined the team ahead of Fund IV to deepen go-to-market expertise.
With $245 million in committed capital, Bonfire IV gives the firm capacity to lead more rounds and expand follow-on reserves for breakout companies. Bonfire has backed seed-stage B2B software across four fund vintages since 2016, building a consistent track record of selecting enterprise founders who outperform industry benchmarks at Series A conversion, ARR growth, and company survival rates.