Bain Capital Ventures'ın 1,6 milyar $ değerindeki yeni fonu tamamen iş satmakla ilgili, yazılımla değil

Bain Capital Ventures’ new $1.6 billion fund is all about selling work, not software

Thu, September 17, 2026 at 12:59 AM GMT+3 2 min read

Bain Capital Ventures closed its 11th flagship fund at $1.6 billion on Wednesday, betting big on a "post-AGI world" that places AI agents as the chief economic driver of productivity.

The firm has been swapping software for something venture capital has never underwritten: AI-native companies that sell the work itself rather than the technology behind it.

Software startups made up 80% of Fund IX and around 20% of Fund X, said partner Matt Harris. For Fund X, AI-native startups made up 80% of the portfolio.

"The classic software startup is just not being born anymore," Harris said. "These companies where AI is just one feature among many, I think that's thoroughly uninteresting to us and, most importantly, to the most ambitious founders."

BCV defines "post-AGI" as AI agents being as productive as humans. This model's first proof point came in the form of Reserv, an AI-native insurance claims administration startup that the firm incubated with Altai Ventures and other partners. According to Harris, the company hit $100 million in revenue in its second full year. In May, the company raised a $125 million Series C.

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Harris said BCV isn't troubled that these AI-native businesses have no underwriting precedent and can't be compared to software. He argues that these new businesses should be valued based on their ability to transform services businesses that were traditionally bad investments because of slow growth and thin margins. AI is turbocharging both of those, he said.

"We're in this period of time where there's a lot of uncertainty, and we embrace that uncertainty," Harris said. "Our primary job is to back the founders transforming big industries, and in our experience, the multiples take care of themselves in the end if you build a great company."

BCV has investments in several AI-native services startups. Its portfolio includes Legora, the AI assistant tool for lawyers, and the agentic law firms Crosby and Norm AI.

Harris still has one big concern.

"This multiple exit question still looms," he said. "What's it all worth in the end? We've ticked a couple of key boxes, but that's the box that I think only time will tell."

This article originally appeared on PitchBook News