Work-Bench, whose portfolio includes unicorns Spring Health and Socure, just raised a $160 million Fund IV to quadruple down on backing companies in New York City.
The firm announced the raise in a blog post on Monday, saying the latest fund will support seed-stage founders building enterprise software. Checks will range from $2 million to $4 million, and the team is looking specifically for companies building in AI, cybersecurity, developer tools, and enterprise applications.
Jonathan Lehr, the firm’s co-founder, told TechCrunch that the company hopes to invest in 23-25 companies out of Fund IV. He said that this was the smoothest fundraise yet for his firm, owing it to the fact that Work-Bench has stayed “disciplined” since launching in 2013, “which matters more than ever in today’s AI frenzied environment.”
