Jim Andelman co-founded Bonfire Ventures by merging two micro-VCs and runs an unusually concentrated seed model, making only 8-10 new investments per year across a narrow focus of B2B software with recurring revenue, particularly vertical SaaS for SMBs like salons and restaurants. He's built a reputation as a seed craftsman with an 85% follow-on rate versus the market's sub-33%, targeting low-teens ownership and reserving over half the fund for follow-ons to stay aligned with founders through Series A and beyond. Jim Andelman co-founded Bonfire Ventures by merging two micro-VCs and runs an unusually concentrated seed model, making only 8-10 new investments per year across a narrow focus of B2B software with recurring revenue, particularly vertical SaaS for SMBs like salons and restaurants. He's built a reputation as a seed craftsman with an 85% follow-on rate versus the market's sub-33%, targeting low-teens ownership and reserving over half the fund for follow-ons to stay aligned with founders through Series A and beyond.