BAG Ventures, founded by former Google vice president Bonita Stewart and ex-CapitalG partner Jackson Georges Jr., closed the fund after about two years of investing from it as it came together. The firm has already backed 10 companies, including the software company SXD, the AI travel agent BizTrip, and the agentic reasoning platform Nomadic.
It invests in startups in areas like AI infrastructure, compute, physical and edge AI, security, governance, and vertical SaaS. Check sizes range from $100,000 to $500,000, and the team hopes to invest the rest of the fund over the next two years.
Stewart spent 17 years at Google, including nearly a decade as a vice president, and served on the board of Gradient Ventures, Google’s early-stage AI fund. She is a limited partner in the Female Founders Fund and the Operator Collective. With Georges, she also co-led the angel syndicate BAG Collective, which has more than 450 members. Georges worked at GE Healthcare and at Google, where he met Stewart, and later became a partner at CapitalG. He and Stewart were in the first cohort of the Black Venture Institute at Berkeley.
Georges says the firm’s edge is access. “Founders needed inside access to the organizations they wanted to sell into, and we knew so many high-level operators who wanted to support early founders but didn’t know how,” he said. BAG Ventures has more than 150 limited partners, including Google and operators from Nvidia, Amazon, and Snowflake.
Georges’s investing thesis rests on a shift he sees in how enterprises buy AI. He said the “experimental sandbox” phase is ending. “Enterprises are dialing in heavily on the unit economics right now,” he noted. “They aren’t just paying for open-ended chatbots anymore; they are paying for deterministic solutions.” The firm looks for core technical teams that have worked together before, have a minimum viable product and at least one partner, and have “a very clear path to monetization within 24 hours.”
Georges also warned that “if a startup is just a thin wrapper around a frontier model API, they’re going to get wiped out.” He wants to back companies that own the intent layer and have customer lock-in through deep integration into enterprise workflows and proprietary data that cannot be scraped. The firm is also looking at startups selling into highly regulated industries, where data privacy needs may require specialization.