Los Angeles builds dreams on soundstages. Bonfire Ventures builds them in server rooms. Founded in 2017 by Jim Andelman and Mark Mullen, Bonfire is a seed-stage fund with a narrow mandate and a long memory. 100% B2B software. 100% seed. In a market that drifts toward generalism, Bonfire chose concentration. And in SaaS, concentration compounds.
Jim Andelman and Mark Mullen were early champions of Southern California technology when enterprise software did not headline cocktail conversations. Before launching Bonfire, they backed companies such as The Trade Desk and EdgeCast, proving that durable enterprise value can emerge far from Sand Hill Road. In 2018, Brett Queener joined as Managing Director after scaling inside Salesforce and Siebel Systems. That operating depth matters. When Bonfire evaluates a company, it is not theory. It is pattern recognition forged inside real revenue engines.
In 2025, Bonfire closed a $245M Fund IV, bringing assets under management to over $1B across 4 funds and opportunity vehicles. The numbers are not cosmetic. More than 150 companies backed. Over 250 follow-on financings. More than 50 exits representing $18B in aggregate value. TaxJar acquired by Stripe. Openpath acquired by Motorola Solutions. MNTN reaching multibillion scale. These outcomes trace back to a disciplined thesis inside B2B SaaS, not opportunistic trend chasing.
The model is deliberate. Roughly 10 new investments per year. Initial checks between $2.5M–$4M. A preference for companies approaching $500K in ARR with early product-market fit and measurable retention. Revenue quality outweighs vanity growth. Net retention, sales efficiency, payback periods, and workflow entrenchment define the conversation. If artificial intelligence appears in the pitch, it must sit at the operational core, not in the marketing copy. In Bonfire’s lens, real SaaS advantage shows up in usage data before it shows up in headlines.
Portfolio companies such as Spekit, Aforza, Swell, ChowNow, and CalmWave illustrate the range within that discipline. Horizontal platforms. Vertical operators. Fintech infrastructure. Healthcare workflow intelligence. Each embeds itself into daily business motion until removal becomes irrational. That is how recurring revenue turns into enterprise value.
Bonfire’s support model mirrors its investment cadence. With a concentrated portfolio, the partners engage deeply on go-to-market design, sales compensation architecture, customer success structure, and Series A narrative positioning. Deb Goldstein leads marketing and platform initiatives, while Jennifer Richard, Tyler Churchill, Dominique Yadegar, Loren Shepard, and Brian MacInnes, CPA reinforce sourcing, operations, and financial rigor. It operates less like a passive capital pool and more like a precision studio built for B2B SaaS operators.
Today, many of these portfolio companies are hiring across product, engineering, data, sales, and customer success. For operators seeking exposure to high-conviction early-stage software, the Bonfire network offers proximity to disciplined growth and institutional mentorship. For founders building capital-efficient, metrics-driven B2B software with real ARR traction, Bonfire remains one of the clearest thesis-driven partners in market.
Follow this firm. Study their founders. Track their plays.
