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Bonfire Ventures Launches $60M Venture Capital Fund

Los Angeles-based Bonfire Ventures said this morning that it has officially launched with its first fund, a new $60M fund aimed at early stage startups. The fund was founded by longtime Southern California technology investors Jim Andelman and Mark Mullen, who are joined by Leah Volger, formerly of Google and Santander InnoVentures. Accoding to Bonfire, it invests in early stage startups with a software-based product and a business buyer, and will make seed state investments with a typical initial check size of $1M, with initial investments as low as $250,000 and as high as $1.5M. Andelman and Mullen have been very involved in Southern California's high tech industry for years, with Andelman founding Rincon Venture Partners, and Mullen running Double M Partners. Collectively, the two have previously invested in such companies as The Trade Desk, Edgecast, Burstly, Messagelabs, Datapop, GradientX, Orbitera, Divshot, Bitium, and Lettuce, all of which saw successful exits, along with may others. With the new fund, Bonfire Ventures said it has already invested in a total of nine companies, including Shippabo, Branch, Trinity Mobile Networks, Saferide Health, Postie, Fuel50 and Tray.