Work-Bench, whose portfolio contains unicorns Spring Well being and Socure, simply raised a $160 million Fund IV to quadruple down on backing firms in New York Metropolis.
The agency introduced the increase in a blog post on Monday, saying the newest fund will help seed-stage founders constructing enterprise software program. Checks will vary from $2 million to $4 million, and the crew is trying particularly for firms constructing in AI, cybersecurity, developer instruments, and enterprise purposes.
Jonathan Lehr, the agency’s co-founder, instructed TechCrunch that the corporate hopes to put money into 23-25 firms out of Fund IV. He stated that this was the smoothest fundraise but for his agency, owing it to the truth that Work-Bench has stayed “disciplined” since launching in 2013, “which issues greater than ever in at this time’s AI frenzied surroundings.”