Venture with Grace Will Lehmann, Founder & GP Step Function: Backing Infrastructure Founders
Oct 4, 2025
Will Lehmann, Founder and General Partner at Step Function, shares his journey from Bain Capital Ventures to launching his own early-stage fund focused on infrastructure software. He discusses unconventional founder support, highlighting tailored mentorship alongside traditional methods. Will emphasizes the importance of security in the age of AI, detailing investment trends in AI-security and agentic threat hunting. He also offers insights on the fundraising process, stressing the need for investor fit and securing strong lead investors.
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Apprenticeship Shapes Investment Style
- Apprenticeship and surrounding yourself with brilliant people accelerate VC skill development and calibration.
- Decide early what you want to be known for and build a focused reputation or domain around it.
Coach Founders, Don't Solve For Them
- Build authentic relationships with founders and ask incisive questions to surface blind spots.
- Help founders become the best version of themselves rather than supplying all the answers.
Investing In AI-Agent Security (Geordi)
- Will invested in Geordi to address AI-agent security, giving CISOs visibility into agent activity.
- Geordi provides a single pane of glass to balance AI adoption and organizational risk.