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Will Lehmann
Founder and general partner of Step Function, an early-stage venture fund investing in software infrastructure. Spent years at Bain Capital Ventures before starting his own fund.
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Jun 30, 2025
• 40min
S2E12: Beyond the Multistage Trap – Will Lehmann on Building a Solo Fund with Precision
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Will Lehmann, founder of Step Function, shares insights from his journey transitioning from Bain Capital Ventures to running his own specialized fund. He discusses the importance of size in venture capital, arguing that smaller funds foster deeper relationships with founders. Lehmann highlights the potential of investing in infrastructure software and AI, noting the rise of successful outcomes in this sector. The conversation also explores Boston's emergence as a tech hub and the evolving landscape of venture capital, emphasizing collaboration in supporting visionary founders.
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