# Bonfire Ventures: portfolio, investments and team

> Bonfire Ventures is a vc firm based in United States. 115 investments on record, 12 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/bonfire-ventures (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Bonfire Ventures

Last cheque observed Oct 2026; 115 cheques on record.

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Deploying now New fund $240M, Feb 2025 VC firm

Seed Series A Series B Software Wealthtech Recurring

Follow Bonfire Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fbonfire-ventures)

Deploying now

**43%** of best year **12** **cheques in 12 months**, 115 on record

Since the last cheque **24** days **00** hrs **00** min **00** sec

Median round **$9.0M** Cheque size, as they say **$2.0M – $6.0M** Rounds led **7 of 115** Sole investor **9 rounds** Exits **2 from the portfolio** Mostly in **United States, 95%**

Pitch Bonfire Ventures

## Bonfire Ventures highlights

- 01 12 cheques in the last 12 months
- 02 Mostly Seed and Series A: 63% of its rounds
- 03 Sole investor in 9 rounds, median $3.3M
- 04 2 exits from the portfolio

## What they do

> Bonfire Ventures is a seed-stage venture capital firm backing founders building AI-native B2B software companies. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $2.0M – $6.0M as they say
- **Stages:** Seed Series A Series B
- **Sectors:** Software Wealthtech Recurring
- **Based in:** Los Angeles, United States
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **115 appearances**

- **2026** 11 rounds
- **Oct** **[Santé](https://millionrounds.com/company/sante)** Series A · US · AlleyWatch **$15M** With 4 others
- **Sept** **[Mithrl](https://millionrounds.com/company/mithrl)** Series A · US **$20M** With 2 others
- **Sept** **[Destro AI](https://millionrounds.com/company/destro-ai)** Seed · US · Firms' own news pages **$8.0M** With 3 others
- **Jul** **[Katalyze AI](https://millionrounds.com/company/katalyze-ai)** Seed · US · TechStartups **$11M** *Led*
- **Jul** **[TireTutor](https://millionrounds.com/company/tiretutor)** Venture · US **$3.3M** With 4 others
- **May** **[Ranger AI](https://millionrounds.com/company/ranger-ai)** Seed · US **$8.4M** With 3 others
- **Apr** **[Juno](https://millionrounds.com/company/juno)** Seed · US · Crunchbase News **$12M** *Led*
- **Feb** **[Santé](https://millionrounds.com/company/sante)** Seed · US · TechStartups **$7.6M** *Led*
- **Feb** **[Odynn](https://millionrounds.com/company/odynn)** Seed · US **$8.9M** With 2 others
- **Jan** **[Risotto](https://millionrounds.com/company/risotto)** Seed · TechCrunch **$10M** *Led*
- **Jan** **[Credit Key](https://millionrounds.com/company/credit-key)** Growth · US **$90M** With 4 others
- **2025** 23 rounds
- **Dec** **[Jeeva AI](https://millionrounds.com/company/jeeva-ai)** Seed · US · TechStartups **$9.0M** With 10 others
- **Oct** **[Alvys](https://millionrounds.com/company/alvys)** Series B · US · Crunchbase News **$40M** With 7 others
- **Sept** **[Bonsai Health](https://millionrounds.com/company/bonsai-health)** Seed · US **$7.0M** With 1 other
- **Aug** **[Topline Pro](https://millionrounds.com/company/topline-pro)** Series B · US · AlleyWatch **$27M** With 5 others
- **Jul** **[Rwazi](https://millionrounds.com/company/rwazi)** Series A · MU · Disrupt Africa **$12M** *Led*
- **Jul** **[Boulevard](https://millionrounds.com/company/boulevard)** Series D · US · Crunchbase News **$80M** With 5 others
- **Jul** **[Blueprint](https://millionrounds.com/company/blueprint)** Venture · US **$15M** With 2 others
- **Jun** **[Warp](https://millionrounds.com/company/warp)** Series A · US **$10M** With 4 others
- **Jun** **[CalmWave](https://millionrounds.com/company/calmwave)** Seed · US **$4.4M** With 2 others
- **Jun** **[Orbifold AI](https://millionrounds.com/company/orbifold-ai)** Seed · US **$5.0M** With 1 other
- **May** **[Suite Studios](https://millionrounds.com/company/suite-studios)** Venture · US **$13M** With 1 other
- **May** **[Octave](https://millionrounds.com/company/octave)** Seed · US **$5.5M** With 3 others
- **Apr** **[Supio](https://millionrounds.com/company/supio)** Series B · US · TechCrunch **$60M** With 4 others
- **Apr** **[Windfall](https://millionrounds.com/company/windfall)** Series B · US **$65M** With 5 others
- **Apr** **[Jeeva.ai](https://millionrounds.com/company/jeeva-ai)** Series A · US **$8.3M** With 2 others
- **Apr** **[Involve.ai](https://millionrounds.com/company/involve-ai)** Venture · US **$8.3M** With 6 others
- **Apr** **[1Fort](https://millionrounds.com/company/1fort)** Seed · US **$9.9M** With 4 others
- **Apr** **[SafeRide Health](https://millionrounds.com/company/saferide-health)** Debt · US **$48M** With 3 others
- **Apr** **[Youlify](https://millionrounds.com/company/youlify)** Seed · US **$4.3M** Sole investor
- **Apr** **[Branch](https://millionrounds.com/company/branch)** Venture · US **$5.0M** With 5 others
- **Mar** **[Voiceops](https://millionrounds.com/company/voiceops)** Seed · US **$5.0M** With 4 others
- **Mar** **[Particle](https://millionrounds.com/company/particle)** Venture · US **Undisclosed** With 4 others
- **Jan** **[Abstract](https://millionrounds.com/company/abstract)** Seed · US **$4.8M** With 2 others
- **2024** 19 rounds
- **Nov** **[GitStart](https://millionrounds.com/company/gitstart)** Venture · US **Undisclosed** With 2 others
- **Nov** **[KeySavvy](https://millionrounds.com/company/keysavvy)** Seed · US **$4.3M** Sole investor
- **Nov** **[CalmWave](https://millionrounds.com/company/calmwave)** Seed · US **$5.3M** With 2 others
- **Nov** **[Mithrl](https://millionrounds.com/company/mithrl)** Seed · US **$4.0M** Sole investor
- **Oct** **[Wildfire Systems](https://millionrounds.com/company/wildfire-systems)** Series B · US **$16M** With 5 others
- **Oct** **[Reactiv](https://millionrounds.com/company/reactiv)** Seed · CA **$5.0M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **4 named**

BQ **Brett Queener** Managing Director i Filing they signed

JM **James Michael Andelman** Managing Director i Form ADV

JA **Jim Andelman** Managing Director of the General Partner i Filing they signed

MC **Mark Christopher Mullen** Managing Director of the General Partner i Filing they signed

We also hold **8** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$955M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Bonfire Ventures Management, LP
- **SEC number:** CRD 289457

## What they claim to have backed

From their own portfolio page (on their website)

**26** of 43 we have independently watched raise

[Abstract](https://millionrounds.com/company/abstract)[Aforza](https://millionrounds.com/company/aforza)[Alvys](https://millionrounds.com/company/alvys)[Bind](https://millionrounds.com/company/bind)[Calmwave](https://millionrounds.com/company/calmwave)[Changeengine](https://millionrounds.com/company/changeengine)[Creditkey](https://millionrounds.com/company/credit-key)[Destroai](https://millionrounds.com/company/destro-ai)[Disqo](https://millionrounds.com/company/disqo)[Earnestresearch](https://millionrounds.com/company/earnest-research)[Fermatadiscovery](https://millionrounds.com/company/fermata-discovery)[Figment](https://millionrounds.com/company/figment)[Fuel50](https://millionrounds.com/company/fuel50)[Get](https://millionrounds.com/company/get)[Gitstart](https://millionrounds.com/company/gitstart)[Integry](https://millionrounds.com/company/integry)[Invoca](https://millionrounds.com/company/invoca)[Jeeva](https://millionrounds.com/company/jeeva-ai)[Katalyzeai](https://millionrounds.com/company/katalyze-ai)[Keysavvy](https://millionrounds.com/company/keysavvy)[Kychospitality](https://millionrounds.com/company/kyc-hospitality)[Nobl9](https://millionrounds.com/company/nobl9)[Odynn](https://millionrounds.com/company/odynn)[Operativeintelligence](https://millionrounds.com/company/operative-intelligence)[Postie](https://millionrounds.com/company/postie)[Prospr](https://millionrounds.com/company/prospr) Atriumhq Blueprint-health Branchapp Cascadedebt Cascadedebt Cubesoftware Getflowpath Getprado Humcapital Joinblvd Juno Navless Octavehq Orbifold Rainforestqa Rangerx Thisisalice

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Orbitera](https://millionrounds.com/company/orbitera)** Bought by [Google](https://millionrounds.com/fund/google-assistant-investments) **$100M** Aug 2016

**[Lettuce](https://millionrounds.com/company/lettuce)** Bought by [Intuit](https://millionrounds.com/fund/intuit-prosperity-accelerator) **$30M** May 2014

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$240M**

raised in Feb 2025

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$9.0M** the round, not its cheque Alone, median **$3.3M**

Led 7 of 115 rounds **6%**

- **Said size:** $2.0M – $6.0M
- **Sole investor:** 9 rounds
- **Last cheque:** Oct 2026
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Seed said *44*
- Series A said *21*
- Venture *19*
- Series B said *17*
- Debt *3*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) 13
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 10
- [Greycroft](https://millionrounds.com/fund/greycroft) 7
- [Techstars](https://millionrounds.com/fund/techstars) 7
- [CrossCut Ventures](https://millionrounds.com/fund/crosscut-ventures) 5
- [Gaingels](https://millionrounds.com/fund/gaingels) 5

**Pitching Bonfire Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Bonfire Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**Alumni Ventures** VC firm **13** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Y Combinator** Accelerator **10** rounds together](https://millionrounds.com/fund/y-combinator)[**Greycroft** VC firm **7** rounds together](https://millionrounds.com/fund/greycroft)[**Techstars** VC firm **7** rounds together](https://millionrounds.com/fund/techstars)[**CrossCut Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/crosscut-ventures)[**Gaingels** Private equity **5** rounds together](https://millionrounds.com/fund/gaingels)[**Matchstick Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/matchstick-ventures)[**Operator Collective** VC firm **5** rounds together](https://millionrounds.com/fund/operator-collective)[**First Round Capital** VC firm **4** rounds together](https://millionrounds.com/fund/first-round-capital)[**Mucker Capital** VC firm **4** rounds together](https://millionrounds.com/fund/mucker-capital)[**Sapphire Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/sapphire-ventures)[**500 Global** Angel **3** rounds together](https://millionrounds.com/fund/500-startups)

## Recently backed

The latest companies Bonfire Ventures put money into.

[**Santé** $15M · Oct 2026](https://millionrounds.com/company/sante)[**Mithrl** $20M · Sept 2026](https://millionrounds.com/company/mithrl)[**Destro AI** $8.0M · Sept 2026](https://millionrounds.com/company/destro-ai)[**Katalyze AI** $11M · Jul 2026](https://millionrounds.com/company/katalyze-ai)[**TireTutor** $3.3M · Jul 2026](https://millionrounds.com/company/tiretutor)[**Ranger AI** $8.4M · May 2026](https://millionrounds.com/company/ranger-ai)

## On podcasts

3 episodes naming Bonfire Ventures in the title, and 2 more that mention it.

- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 29 Oct 2025 · 36 min SaaStr 826: Why Only "WTF" Products Can Survive Today with Brett Queener Partner at Bonfire Ventures With [Brett Queener](https://millionrounds.com/person/brett-queener) Mentions [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) Apple PodcastsShow page
- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 10 Aug 2022 · 48 min Mark Mullen of Bonfire Ventures on going from a solo capitalist to joining forces with Jim Andelman, the state of seed markets, and his view on what makes fund managers differentiated With [Jim Andelman](https://millionrounds.com/person/jim-andelman)[Mark Mullen](https://millionrounds.com/person/mark-mullen) Mentions [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 24 Jun 2021 · 41 min 20VC: Optimising Investment Decision-Making in Compressed Fundraising Timelines & A Deep Dive on Portfolio Construction, Price Sensitivity and The Importance of Ownership with Mark Mullen, Co-Founder @ Bonfire Ventures With [Mark Mullen](https://millionrounds.com/person/mark-mullen) Mentions [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) Apple PodcastsShow page

### Mentioned in

- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 17 Apr 2023 · 59 min 379. 85% Graduation from Seed to Series A, SaaS Metric Mastery, The Right Time to Stop Founder-Led Sales, and Advice for Emerging Managers (Jim Andelman) Apple PodcastsShow page
- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 23 Mar 2020 · 31 min SaaStr 319: How To Think About And Make Pre-Emptive Burn Cuts, Operational Survival In Times Of Uncertainty & Managing Your Psychology As Founder & CEO with May Habib, Founder & CEO @ Qordoba Apple PodcastsShow page

## Quick answers about Bonfire Ventures

### What does Bonfire Ventures invest in?

Bonfire Ventures invests most often at Seed and Series A (63% of the rounds on record), in sectors such as Software, Wealthtech and Recurring.

### How active is Bonfire Ventures?

115 investments on record, 12 of them in the last 12 months, and it led 7. The most recent was in Oct 2026.

### What has Bonfire Ventures invested in recently?

Its most recent investments on record: Santé (Series A, Oct 2026), Mithrl (Series A, Sept 2026) and Destro AI (Seed, Sept 2026).

### How big are Bonfire Ventures's cheques?

The median round it joins is $9.0M. It says it writes cheques of $2.0M to $6.0M.

### Does Bonfire Ventures lead rounds?

Sometimes: it led 7 of its 115 investments on record (6%).

### Where does Bonfire Ventures invest?

Most of the companies it backs are in the United States (95%).

### Is Bonfire Ventures investing now?

Yes: it is actively investing, with 12 investments in the last 12 months.

### Who does Bonfire Ventures invest alongside?

Most often Alumni Ventures (13 rounds together), Y Combinator (10 rounds together) and Greycroft (7 rounds together).

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