Work-Bench, a venture capital firm known for backing New York City-based technology enterprises, has successfully closed its Fund IV, raising $160 million. With this latest fund, the firm aims to significantly increase its investments in seed-stage companies focused on enterprise software.
In an announcement, Work-Bench indicated that typical investments from Fund IV will range between $2 million to $4 million per company. The fund specifically targets startups innovating in artificial intelligence, cybersecurity, developer tools, and enterprise applications.
According to Jonathan Lehr, co-founder of Work-Bench, the firm anticipates backing between 23 and 25 startups from this new fund. Lehr stated that this fundraising process stood out as particularly smooth, attributing its seamlessness to Work-Bench’s disciplined investment approach established since its founding in 2013. He emphasized the importance of maintaining such discipline in the current market, which he characterized as heavily influenced by enthusiasm around artificial intelligence.
Notably, the firm’s portfolio already includes standout startups like Spring Health and Socure, both recognized as unicorns. With this newly replenished capital, Work-Bench continues to position itself as a key player in fostering enterprise technology innovation within New York City.
