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 $18.6M (across 140 rounds with reported amounts).
Portfolio
98
Fund Size
$245M
Top Stage
Seed
Last 12 Mo
6
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
153 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Katalyze | Seed | $10.5M | Jul 2026 |
| VVali Health | Unknown | $6M | Jun 2026 |
 Ranger | Seed | $8.4M | May 2026 |
 Odynn | Seed | $9.5M | Feb 2026 |
 Santé | Series A | — | Feb 2026 |
 Risotto | Seed | $10M | Jan 2026 |
 Topline Pro | Series B | $27M | Aug 2025 |
 Topline Pro | Series B | $27M | Aug 2025 |
 Rwazi | Series A | $12M | Jul 2025 |
 1Fort | Series A | — | Apr 2025 |
 Alvys | Series B | $40M | Jan 2025 |
| Topline Pro | Series B | $27M | Jan 2025 |
 Flowpath | Seed | $1.2M | Nov 2024 |
| MMithrl | Seed | — | Nov 2024 |
 Reactiv | Seed | $5M | Oct 2024 |
 Reactiv | Seed | $5M | Oct 2024 |
 Supio | Series A | $25M | Aug 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 Labs | Seed | $7.5M | Jan 2024 |
| Supio | Series A | $25M | Jan 2024 |
| ZeroTier | Unknown | $13.5M | Jan 2024 |
 KeySavvy | Seed | $2M | Nov 2023 |
Page 1 of 7
Top Co-Investors
Daher Capital18 shared
Gaingels12 shared
Operator Collective11 shared
Alumni Ventures10 shared
Techstars10 shared
Greycroft9 shared
Matchstick Ventures9 shared
Index Ventures8 shared
BoxGroup7 shared
Bullpen Capital7 shared
TMV7 shared
BBG Ventures7 shared
Bread & Butter Ventures7 shared
Angeles Investors7 shared
VMG Partners6 shared
Toba Capital6 shared
Industry Ventures6 shared
Crosscut Ventures6 shared
Alpha Edison5 shared
FJ Labs5 shared
Last updated: 7 October 2026