investment criteria
& focus

We are a tightly focused firm that leads seed-stage investments in B2B software startups. Here’s a bit more on what we look for before we invest.

Investment Stage
Investment Focus
B2B software solutions (software-based offering purchased by businesses) already in market with upward traction.
Investment Amount
We seek to invest $2-3M as our first check into your company. If we’ve invested in your seed round, we reserve funds to invest in your follow-on rounds (Series A, B and beyond). 
At the time we invest, most companies already have recurring revenue of >$250K in ARR (note: further along than two founders with a napkin idea) and a clear path to $100M ARR in a reasonable timeframe without the need to solve for any fundamental unknowns.
Crystal clear over the competition and a solution that customers "need" to have rather than one that's "nice to have" (i.e. a software solution that enables key business processes to get completed: if the software stops working, key business processes stop happening).
Your Team
We invest in smart, inspiring founders, with strong technical competence on the founding team (ok if it’s just one person).
Number of Investments
We invest in 8-12 companies per year.
We invest only in US entity based businesses, regardless of physical location.
How we work
If you’d like the support, we will be right there with you, every step of the way. Although our journey together begins at the Seed stage, we will partner with you throughout your entire lifecycle - until you get acquired, go public, or fizzle out (and start your next company). If you’d like to learn more about our step-by-step process and how Bonfire works with founders, check out The Bonfire Way