Work-Bench, whose portfolio consists of unicorns Spring Well being and Socure, simply raised a $160 million Fund IV to quadruple down on backing corporations in New York Metropolis.
The agency introduced the elevate in a weblog put up on Monday, saying the most recent fund will help seed-stage founders constructing enterprise software program. Checks will vary from $2 million to $4 million, and the staff is wanting particularly for corporations constructing in AI, cybersecurity, developer instruments, and enterprise functions.
Jonathan Lehr, the agency’s co-founder, informed TechCrunch that the corporate hopes to spend money on 23-25 corporations out of Fund IV. He stated that this was the smoothest fundraise but for his agency, owing to the truth that Work-Bench has stayed “disciplined” since launching in 2013, “which issues greater than ever in right now’s AI frenzied atmosphere.”
