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Key people at Step Function VC.
Step Function VC is a venture capital fund dedicated to investing in founders developing infrastructure software. The firm targets early-stage companies, believing advancements in underlying infrastructure create significant improvements at the application layer. It provides founders with strategic leverage, offering substantial operational and strategic support.
Founded by Will Lehmann, Step Function emerged from the insight that early-stage investors should profoundly influence a business's trajectory. Lehmann built the fund to empower founders constructing infrastructure software. His background includes a decade as a Partner at Bain Capital Ventures, where he focused on early-stage enterprise software, providing deep domain expertise.
Step Function VC primarily serves technical founders innovating in enterprise software, especially those creating new infrastructure. The fund's vision is to deliver "Step Function value" through tailored domain expertise, a robust network, and hands-on fundraising guidance. This comprehensive support aims to foster foundational improvements that drive meaningful progress within the enterprise software ecosystem.
Step Function VC is an early-stage investment firm dedicated to supporting founders building infrastructure software, particularly in enterprise software sectors such as data/AI infrastructure, cybersecurity, and developer tools. Their mission is to create transformative "Step Function" changes in enterprise software by backing technical founders from the outset, providing not only capital but also deep domain expertise, extensive networks, and hands-on support to accelerate growth and success. The firm positions itself as a hybrid between an institutional lead investor and a super angel, emphasizing founder accessibility and velocity alongside traditional venture support[1][2].
Founded in 2022 by Will Lehmann, a seasoned investor with a decade of experience at Bain Capital Ventures, Step Function VC emerged to fill a niche for highly technical, infrastructure-focused startups needing early, specialized backing. Lehmann’s background in early-stage enterprise software investing informs the firm’s focus and approach. Since its inception, Step Function has concentrated on being the first institutional money into companies shaping the future of enterprise infrastructure, leveraging Lehmann’s domain expertise and network to provide founders with customer introductions, candidate sourcing, and fundraising support[1][2].
Step Function VC rides the growing trend of infrastructure software becoming a critical enabler for enterprise innovation, especially as AI, cybersecurity, and developer tooling evolve rapidly. The timing is favorable due to increasing enterprise demand for robust, scalable infrastructure solutions that can support next-generation applications. By focusing on these foundational technologies, Step Function influences the ecosystem by accelerating startups that will define the future of enterprise software, thus shaping how businesses build and deploy technology at scale[1].
Looking ahead, Step Function VC is poised to deepen its impact by continuing to back technical founders at the forefront of infrastructure innovation. As enterprise software increasingly integrates AI and advanced security, the firm’s specialized focus and founder-first approach will likely position it as a key player in early-stage infrastructure investing. Trends such as AI infrastructure expansion and cybersecurity complexity will shape its portfolio’s growth, potentially amplifying Step Function’s influence in defining the next wave of enterprise software breakthroughs[1][2].
Key people at Step Function VC.
Step Function VC has 9 tracked investments across 5 companies. The latest tracked deal is $30.0M Series B in Moderne in February 2025.
