Bonfire Ventures runs a deliberately low-volume model where each partner does only 2–3 new seed deals per year and spends 20–30 hours hands-on with every company in the first month, achieving an unusually high ~80–85% Series A graduation rate that's roughly four times industry averages. The firm combines two long-standing LA seed funds with a deeply operational Salesforce executive and focuses exclusively on AI-powered B2B software at seed stage when companies already have $300k–$1M+ ARR, leading ~95% of their rounds with double-digit ownership and following winners through IPO rather than handing them off to later-stage firms.