About This Fund
Bonfire Ventures Fund IV is the fourth and largest core seed fund raised by Bonfire Ventures, a Los Angeles-based venture capital firm dedicated exclusively to early-stage investment in B2B enterprise software startups. Closing in February 2025 with $245 million in commitments from a combination of institutional limited partners and sophisticated individual investors, Fund IV represents a significant step up from Fund III ($168 million, 2022) and is the firm's most ambitious vehicle to date. The raise reflects continued strong demand for specialist B2B seed managers and Bonfire's established track record across three prior funds that each ranked in the top decile for their vintage years.
The fund pursues the same focused mandate that has defined Bonfire's approach since inception: leading seed rounds in B2B software companies, investing in a concentrated portfolio of 25 to 30 companies per fund, and providing intensive post-investment support. Bonfire's investment thesis centres on the belief that the seed-to-Series A transition represents the most capital-efficient and highest-value-creation moment in the B2B software lifecycle, and that founders benefit most from a specialized, operationally engaged partner. Brett Queener's enterprise software operating experience—as a former executive at Salesforce and Siebel Systems—continues to differentiate the partnership's ability to help portfolio companies navigate enterprise sales cycles, drive customer adoption, and accelerate product-market fit.
Fund IV targets primarily North American B2B software startups across sectors including enterprise SaaS, AI-enabled productivity tools, vertical software, and infrastructure software. By Fund IV, Bonfire had established a strong portfolio lineage including multiple companies that achieved successful Series A and B raises with top-tier venture investors, reinforcing the fund's appeal to LPs seeking exposure to a disciplined, return-focused seed platform with a clear and repeatable investment model.