Bonfire Ventures is a seed-stage venture capital firm based in Los Angeles, focused exclusively on B2B software. Co-founded in 2017 by Mark Mullen and Jim Andelman, the firm leads seed rounds for B2B software startups and closed its fourth fund at $245 million in 2025.
Their most common stage is seed (45% of deals). Average disclosed round size is $14.5M (across 92 rounds with reported amounts).
Portfolio
78
Fund Size
$245M
Top Stage
Seed
Last 12 Mo
4
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
97 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Ranger | Seed | $8.4M | May 2026 |
 Odynn | Seed | $9.5M | Feb 2026 |
 Santé | Series A | $7.6M | Feb 2026 |
 Risotto | Seed | $10M | Jan 2026 |
 Topline Pro | Series B | $27M | Aug 2025 |
 Rwazi | Series A | $12M | Jul 2025 |
 1Fort | Series A | $7.5M | Apr 2025 |
| MMithrl | Seed | $4M | Nov 2024 |
 Reactiv | Seed | $5M | Oct 2024 |
 Reactiv | Seed | $5M | Oct 2024 |
 ZeroTier | Series A | $13.5M | Jul 2024 |
 Changeengine | Series A | $10M | May 2024 |
| Reactiv | Seed | $5M | Jan 2024 |
| Reactiv | Seed | $5M | Jan 2024 |
 Duro | Seed | $7.5M | Jan 2024 |
 KeySavvy | Seed | $2M | Nov 2023 |
| OOptimize Health | Series B | $18M | Oct 2023 |
 TeamSense | Seed | $4M | Aug 2023 |
 UPP | Seed | — | Jun 2023 |
 Suite Studios | Seed | $3.5M | Feb 2023 |
 Operative Intelligence | Seed | $3.5M | Dec 2022 |
 Prado | Seed | $5.8M | Nov 2022 |
| Topline Pro | Seed | $5M | Oct 2022 |
 Fermata Discovery | Seed | $3M | Oct 2022 |
 Boulevard | Series C | $70M | Aug 2022 |
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Top Co-Investors
Daher Capital10 shared
Operator Collective8 shared
Alumni Ventures8 shared
Index Ventures7 shared
BoxGroup6 shared
Bullpen Capital6 shared
Techstars6 shared
VMG Partners5 shared
Toba Capital5 shared
Battery Ventures4 shared
GTMfund4 shared
Industry Ventures4 shared
Greycroft4 shared
Matchstick Ventures4 shared
Anthemis4 shared
Alpha Edison3 shared
Bessemer Venture Partners3 shared
Y Combinator3 shared
CRV3 shared
Mayfield Fund3 shared
Last updated: 7 September 2026