# How to Pitch Bonfire Ventures

November 13, 2026 · By [Josh May](https://www.pitchprotocol.vc/team.html#josh-may)

How Bonfire Ventures leads seed rounds for AI-native B2B companies, its $2M to $6M first checks, the six investment areas it names, and the pitch form it reads.

**TL;DR:** Bonfire Ventures is a Los Angeles seed firm that leads about 95% of the rounds it joins, writes $2M to $6M first checks into AI-native B2B software, and backs US-incorporated companies wherever the team sits. Its $245M Fund IV closed in February 2025. There is a Pitch Us form, and the firm says a warm intro helps but is not required.

## Bonfire at a glance

Checked against Bonfire's own pages and filings, November 2026

**Firm:** Bonfire Ventures, founded in 2017 by Mark Mullen and Jim Andelman, Los Angeles. [1] "$1B+" under management. [2]

**Funds:** Fund IV, $245M, closed February 2025; the firm calls it "the largest West Coast fund dedicated to leading B2B seed rounds." [1] The SEC Form D for Bonfire Ventures IV, LP reports $240.3M sold as of February 19, 2025. [3]

**Stages:** Seed: "We lead at seed (and sometimes early A)" and "lead nearly every seed round and usually take a board seat." About 95% of its rounds are led; 35% of the fund is reserved for follow-ons. [4, 1]

**First check:** "$2-6M initial checks," Bonfire's share of the round, not the whole round. [4, 1] Ownership target not published.

**Focus:** B2B only, AI-native: "B2B SaaS, infrastructure, or software-powered services." Six named investment areas: Vertical AI Software, AI + Proprietary Data, Services-to-Software, Fintech Infrastructure, Agent-Native Infrastructure and Structural Reshaping, each with "its own bar." [4] Out of scope: "Consumer businesses, foundation models, chip design, frontier science." [1]

**Geography:** "Company must be U.S. based; your team can be anywhere." [4] The FAQ adds that it "backs select Canadian teams." [1]

**Partners:** [Mark Mullen](https://www.bonfirevc.com/team/mark-mullen) (co-founder; fintech and services, vertical AI software, logistics infrastructure, payments), [Jim Andelman](https://www.bonfirevc.com/team/jim-andelman) (co-founder; vertical and SMB software, developer-centric tools, e-commerce tech, martech), [Brett Queener](https://www.bonfirevc.com/team/brett-queener) (partner; "Anything - as long as the founder is awesome, they are AI native, and the vision is amazing"), [Tyler Churchill](https://www.bonfirevc.com/team/tyler-churchill) (partner; vertical AI, industrials, fintech, commerce) and [Jennifer Richard](https://www.bonfirevc.com/team/jennifer-richard) (principal; vertical AI, commerce infrastructure, supply chain and logistics, robotics). [5]

**Recent seed leads:**

- Odynn, $9.5M seed, February 2026 [6]
- Juno, $12M seed, April 2026 [7]
- Ranger AI, $8.4M seed, May 2026 [8]
- Vali Health, $6M seed, June 2026 [9]
- Katalyze, $10.5M seed, July 2026 [10]
- Destro AI, $8M seed, co-led with Base10, September 2026 [11]
- Axle, $9M, co-led with Eniac, November 2026 [12]

Amounts are whole rounds, not Bonfire's share.

**Pace and bar:** "Around 10 to 12 new investments per year, with each investing partner typically leading two to three." [1] It wants a "Live product with customers and revenue," typically about $250K ARR, "though the founder matters more than the number," and says it can invest before revenue when conviction is exceptional. [4, 1]

**What it looks for:** "We look for companies that become harder to compete with as they grow." "AI-native isn't a feature. It's a different kind of company." It expects the CEO to work with AI firsthand. [13]

**Programs:** Leadership Circles for CEOs and functional leaders, "AI in Practice" sessions, the Bonfire Founder Summit, a private Slack, AI and cloud credits, and Series A preparation with introductions to thesis-aligned investors. [14] No accelerator or scout program is published.

**How to reach:** A [Pitch Us form](https://bonfireventures.fillout.com/submission1026) is linked from every page. [2] "A warm introduction is helpful, but it isn't required to start a conversation." The FAQ lists what a pitch should cover: the customer problem, what you are building, why the team knows the problem, what you have learned from customers, stage and fundraising plans. [1] Decision timeline not published.

1. [Bonfire Ventures: FAQ](https://www.bonfirevc.com/faq)
1. [Bonfire Ventures: Home](https://www.bonfirevc.com/)
1. [SEC Form D: Bonfire Ventures IV, LP (February 2025)](https://www.sec.gov/Archives/edgar/data/2051925/000205192525000001/primary_doc.xml)
1. [Bonfire Ventures: Investment criteria](https://www.bonfirevc.com/investment-criteria)
1. [Bonfire Ventures: Team](https://www.bonfirevc.com/team)
1. [Bonfire Ventures: Why we invested in Odynn (February 2026)](https://www.bonfirevc.com/news/why-we-invested-in-odynn-the-infrastructure-powering-modern-travel)
1. [Bonfire Ventures: Why we invested in Juno (April 2026)](https://www.bonfirevc.com/news/why-we-invested-in-juno-bringing-ai-to-the-most-painful-parts-of-tax-prep)
1. [Bonfire Ventures: Why we invested in Ranger AI (May 2026)](https://www.bonfirevc.com/news/the-operating-layer-for-industrial-revenue-why-we-invested-in-ranger-ai)
1. [Bonfire Ventures: Why we invested in Vali Health (June 2026)](https://www.bonfirevc.com/news/why-we-invested-vali-health-ai-home-care)
1. [Bonfire Ventures: Why we invested in Katalyze (July 2026)](https://www.bonfirevc.com/news/why-we-invested-katalyze-ai-pharma-manufacturing)
1. [Bonfire Ventures: Why we invested in Destro AI (September 2026)](https://www.bonfirevc.com/news/why-we-invested-in-destro-ai)
1. [Bonfire Ventures: Why we invested in Axle (November 2026)](https://www.bonfirevc.com/news/why-we-invested-in-axle-access)
1. [Bonfire Ventures: Thesis](https://www.bonfirevc.com/thesis)
1. [Bonfire Ventures: Our approach](https://www.bonfirevc.com/our-approach)

[Compare 27 top firms side by side](https://www.pitchprotocol.vc/blog/how-to-pitch-top-vc-firms/)

Bonfire Ventures is a Los Angeles seed firm built around one job: leading the seed round of a B2B software company. Its portfolio page lists Boulevard, ChowNow, Branch, Spekit and Cube among its active companies, and Comparably (acquired by ZoomInfo), Bitium (acquired by Google) and Burstly (acquired by Apple) among its exits. In 2025 it closed a $245 million fourth fund and reframed its thesis around AI-native companies.

## What Bonfire Is

Bonfire leads about 95% of the rounds it joins, usually at seed and sometimes at an early Series A, and it typically takes a board seat in the rounds it leads. Its first check is $2 million to $6 million, which is Bonfire's share rather than the whole round, and it reserves 35% of the fund to keep investing as a company grows. The firm makes around 10 to 12 new investments a year, two or three per investing partner, so the portfolio is small on purpose.

Two things follow from that shape:

- Bonfire is a lead, not a filler. If you already have a lead and want a small check, it is the wrong firm; if you need someone to price the round and sit on the board, it is built for that
- With a dozen deals a year across five investors, each partner is choosing two or three companies. The bar per deal is high and the firm says each of its six investment areas "has its own bar"

## What Bonfire Looks For

**1. AI as the foundation, not a feature.** Bonfire's thesis page puts it plainly: "AI-native isn't a feature. It's a different kind of company." Its investment criteria ask whether AI is the foundation of the product and whether customers depend on it. Its gate question: "When a better foundation model drops, does it help or hurt?"

**2. A company that compounds.** "We look for companies that become harder to compete with as they grow." The firm names proprietary data, agent-native infrastructure and services turned into software as the shapes it expects to compound.

**3. An AI-native CEO who knows the industry from inside.** Bonfire does not expect every CEO to write code, "but we do expect them to work with AI firsthand." Its founder criteria pair that with industry knowledge: you know the customer's workflow because you have lived it.

**4. Existential need.** The second gate question on its criteria page: "Is the customer buying out of existential need - or nice-to-have?"

**5. B2B only.** Consumer businesses, foundation models, chip design and frontier science are outside its focus by its own statement. The six areas it does name are Vertical AI Software, AI + Proprietary Data, Services-to-Software, Fintech Infrastructure, Agent-Native Infrastructure and Structural Reshaping.

## What Bonfire Needs to See

Bonfire publishes a traction bar, which most seed firms do not. Its criteria page asks for a live product with customers and revenue, typically about $250K ARR, "though the founder matters more than the number." Its FAQ adds that it can invest before revenue when conviction in the founders and the opportunity is exceptional. Read that as: revenue is the default evidence, and the exception is earned by the team.

The FAQ also lists what it wants a pitch to cover:

- The customer problem and why it matters
- What you are building
- Why your team knows this problem
- What you have learned from customers so far
- Your stage and fundraising plans

Geography is a legal test, not a location test: the company must be a US entity (Bonfire says it also backs select Canadian teams), and the team can be anywhere.

## How to Get a Bonfire Meeting

- **The Pitch Us form**: linked from the navigation of every page on bonfirevc.com. This is the published front door
- **A warm introduction**: the FAQ says it is "helpful, but it isn't required," and names portfolio founders, fellow investors and the Bonfire network as where intros usually come from
- **The right partner**: Bonfire lists each partner's focus areas on its team page. Mark Mullen covers fintech, services and logistics infrastructure; Jim Andelman vertical and SMB software; Tyler Churchill vertical AI, industrials, fintech and commerce; Brett Queener describes his focus as anything with an awesome, AI-native founder
- **AI Club**: a monthly show-and-tell series Bonfire runs with Wildfire Systems for leaders and builders exploring AI, which is a way to be seen before you raise

## What Gets You Passed

- **Consumer, foundation models, chips or frontier science**: outside the focus by the firm's own statement
- **A company not incorporated in the US**: the entity test is explicit
- **AI bolted on**: if a better foundation model would hurt you rather than help you, the thesis page says you are not the company it is describing
- **Nice-to-have**: Bonfire asks whether the customer buys out of existential need; a pitch that cannot answer that question fails its second gate

## A second track: Pitch Protocol

Warm paths into a fund like Bonfire take time. Pitch Protocol is not a route into Bonfire; it is a second track you can run alongside your outreach. Applying is free, your own AI agent submits one application in about ten minutes with no web form, and the funds in our network whose thesis matches reach out to you directly. [Apply to the First 100 Founders Cohort →](https://www.pitchprotocol.vc)

## Founder FAQ

### Which Bonfire partner should I pitch for my sector?

Bonfire lists each investor's focus on its [team page](https://www.bonfirevc.com/team). Mark Mullen: fintech and services, vertical AI software, logistics infrastructure and payments. Jim Andelman: vertical software, SMB software, developer-centric tools, e-commerce tech and martech. Tyler Churchill: vertical AI, industrials, fintech and commerce. Brett Queener: "Anything - as long as the founder is awesome, they are AI native, and the vision is amazing." Jennifer Richard (principal): vertical AI, commerce infrastructure, supply chain and logistics, robotics. The Pitch Us form goes to the firm rather than to one partner.

### Does Bonfire lead seed rounds?

Yes. Its criteria page says "We lead at seed (and sometimes early A)" and that it leads nearly every seed round and usually takes a board seat; the [FAQ](https://www.bonfirevc.com/faq) puts the lead rate at about 95% of the rounds it joins.

### What is Bonfire's typical check size?

"$2-6M initial checks," which is Bonfire's share of the round, not the whole round, per its [investment criteria](https://www.bonfirevc.com/investment-criteria). It reserves 35% of the fund for follow-on investments. It does not publish an ownership target.

### Does Bonfire invest outside the United States?

The company must be a US entity, and the team can be anywhere: "Bonfire invests in U.S.-incorporated companies, no matter where their founders and teams are located." It adds that it "backs select Canadian teams." Source: the [FAQ](https://www.bonfirevc.com/faq) and [investment criteria](https://www.bonfirevc.com/investment-criteria).

### How long does Bonfire take to decide?

Bonfire does not publish a decision timeline. What it does publish on its [FAQ](https://www.bonfirevc.com/faq) is pace: around 10 to 12 new investments a year, each investing partner leading two or three, and a traction bar of a live product with customers and revenue, typically about $250K ARR, with pre-revenue investments possible when conviction is exceptional.

### Does Bonfire take cold inbound?

Yes. A [Pitch Us form](https://bonfireventures.fillout.com/submission1026) is linked from every page of bonfirevc.com, and the FAQ says "A warm introduction is helpful, but it isn't required to start a conversation." No submission email address is published.

### What does Bonfire not invest in?

By its own [FAQ](https://www.bonfirevc.com/faq): "Consumer businesses, foundation models, chip design, frontier science" are outside its focus. It invests in B2B software only, with AI as the foundation of the product.

## Frequently Asked Questions

### Does Bonfire take board seats?

Typically, yes. The FAQ says "Bonfire typically takes a board seat in the rounds it leads," and it leads about 95% of its rounds.

### What support does Bonfire provide after it invests?

Its [approach page](https://www.bonfirevc.com/our-approach) lists Leadership Circles (small confidential groups for CEOs, product, engineering and marketing leaders), "AI in Practice" sessions, the Bonfire Founder Summit, a private Slack, AI and cloud credits with preferred pricing, warm introductions to customers and senior talent, and Series A preparation that starts months before the raise.

### Can I apply through Pitch Protocol instead of waiting for a warm intro?

Pitch Protocol is not a back door into Bonfire, and we do not share which funds review an application before it is in. What it does: applying is free, your own AI agent (Claude, ChatGPT, Cursor or any agent that can read a URL) submits one application in about ten minutes with no web form, and the funds in our network whose thesis matches reach out to you directly. Founders anywhere can apply. Keep working your warm path to Bonfire in parallel. [Apply to the First 100 Founders Cohort →](https://www.pitchprotocol.vc)

## Related guides

- [How to Pitch Craft Ventures](https://www.pitchprotocol.vc/blog/how-to-pitch-craft-ventures/): Craft Ventures' operator-led model, its focus on B2B software in the AI era, and the Burn Multiple it uses to judge efficiency.
- [How to Pitch First Round Capital](https://www.pitchprotocol.vc/blog/how-to-pitch-first-round/): How First Round invests at angel, pre-seed and seed, what it says it looks for, and how to reach it, cold outreach included.
- [How to Pitch Forerunner Ventures](https://www.pitchprotocol.vc/blog/how-to-pitch-forerunner-ventures/): What Forerunner backs now that consumer means products built for people, its $500 million Fund VII, and the email address it reads every pitch from.
- [How to Pitch Redpoint Ventures](https://www.pitchprotocol.vc/blog/how-to-pitch-redpoint-ventures/): How Redpoint's early team invests from inception through Series A, what its latest funds look like, and how to pick the right partner.
- [How to Pitch Upfront Ventures](https://www.pitchprotocol.vc/blog/how-to-pitch-upfront-ventures/): How Upfront Ventures writes first checks at seed and pre-seed from Los Angeles, invests nationally and sometimes internationally, which general partner covers your sector, and what it does not publish, including any pitch route.

Published by [Pitch Protocol](https://www.pitchprotocol.vc) · A [Growth Factory Ventures](https://growthfactory.vc) studio project · Published November 13, 2026

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