# Bullpen Capital: portfolio, investments and team

> Bullpen Capital is a vc firm based in United States. 113 investments on record, 7 in the last 12 months, latest Jun 2026.

Source: https://millionrounds.com/fund/bullpen-capital (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Bullpen Capital

Last cheque observed Jun 2026; 113 cheques on record.

Email

Deploying now New fund $5.3M, Nov 2022 VC firm

Pre-seed Seed Series A Gaming Commerce Enterprise

Follow Bullpen Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fbullpen-capital)

Deploying now

**88%** of best year **7** **cheques in 12 months**, 113 on record

Since the last cheque **142** days **00** hrs **00** min **00** sec

Median round **$8.6M** Cheque size, as they say **$600K – $3.0M** Rounds led **4 of 113** Sole investor **5 rounds** Exits **5 from the portfolio** Mostly in **United States, 89%**

Pitch Bullpen Capital

## Bullpen Capital highlights

- 01 7 cheques in the last 12 months
- 02 Mostly Series A and Venture: 62% of its rounds
- 03 Sole investor in 5 rounds, median $1.5M
- 04 5 exits from the portfolio

## What they do

> Bullpen is a venture capital fund investing capital into early-stage companies. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $600K – $3.0M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth
- **Sectors:** Gaming Commerce Enterprise
- **Based in:** San Francisco, United States
- **Cold pitches:** Not accepted

## The record

Every round we can evidence, newest first **113 appearances**

- **2026** 6 rounds
- **Jun** **[EDGE Markets](https://millionrounds.com/company/edge-markets)** Series A · US · Ventureburn **$29M** With 4 others
- **Jun** **[SpeedLabs](https://millionrounds.com/company/speedlabs)** Seed · US · AlleyWatch **$6.5M** With 3 others
- **Apr** **[BetHog](https://millionrounds.com/company/bethog)** Series A · US **$10M** With 4 others
- **Mar** **[Gameflip](https://millionrounds.com/company/gameflip)** Crowdfunding · US **$182K** With 4 others
- **Jan** **[Flip CX](https://millionrounds.com/company/flip-cx)** Series A · US · Crunchbase News **$20M** With 7 others
- **Jan** **[BetHog](https://millionrounds.com/company/bethog)** Venture · US **$10M** With 3 others
- **2025** 6 rounds
- **Nov** **[Preveta](https://millionrounds.com/company/preveta)** Series A · US **$2.4M** With 3 others
- **Sept** **[OnsiteIQ](https://millionrounds.com/company/onsiteiq)** Venture · US **$5.2M** With 4 others
- **Jun** **[AvantStay](https://millionrounds.com/company/avantstay)** Venture · US **Undisclosed** With 2 others
- **May** **[Dopple](https://millionrounds.com/company/dopple)** Venture · US **Undisclosed** With 2 others
- **Mar** **[EDGE Markets](https://millionrounds.com/company/edge-markets)** Seed · US **$17M** With 2 others
- **Feb** **[Jolly](https://millionrounds.com/company/jolly)** Series A · US **$17M** With 2 others
- **2024** 7 rounds
- **Oct** **[Daash Intelligence](https://millionrounds.com/company/daash-intelligence)** Seed · US **$5.5M** With 1 other
- **Sept** **[Grove Collaborative](https://millionrounds.com/company/grove-collaborative)** US **$15M** With 4 others
- **Aug** **[ALLCITY Network](https://millionrounds.com/company/allcity-network)** Series B · US **$12M** With 1 other
- **Jul** **[Brightside](https://millionrounds.com/company/brightside)** Venture · US **$785K** With 4 others
- **Jun** **[Nanome](https://millionrounds.com/company/nanome)** Venture · US **$1.2M** With 3 others
- **Feb** **[Manufactured](https://millionrounds.com/company/manufactured)** Series A · US **$20M** With 3 others
- **Jan** **[The Many Co.](https://millionrounds.com/company/the-many-co)** Venture · US **Undisclosed** With 1 other
- **2023** 4 rounds
- **Aug** **[Autolab](https://millionrounds.com/company/autolab)** Venture · CO **$4.1M** With 1 other
- **May** **[PINATA](https://millionrounds.com/company/pinata)** Venture · US **Undisclosed** With 2 others
- **Feb** **[vault](https://millionrounds.com/company/vault)** Series A · US **$4.0M** With 3 others
- **Jan** **[SkyWatch](https://millionrounds.com/company/skywatch)** Venture · CA **Undisclosed** With 4 others
- **2022** 7 rounds
- **Nov** **[ThriveFantasy](https://millionrounds.com/company/thrivefantasy)** Series B · US **$4.0M** With 2 others
- **Oct** **[Fakespot](https://millionrounds.com/company/fakespot)** Venture · US **Undisclosed** With 5 others
- **Sept** **[Draftea](https://millionrounds.com/company/draftea)** Series A · MX **$20M** With 4 others
- **May** **[Fanimal](https://millionrounds.com/company/fanimal)** Seed · US **$4.0M** With 1 other
- **Jan** **[Atrium](https://millionrounds.com/company/atrium)** Series A · US **$20M** With 4 others
- **Jan** **[Rei do Pitaco](https://millionrounds.com/company/rei-do-pitaco)** Series A · BR **$32M** With 5 others
- **Jan** **[Fama](https://millionrounds.com/company/fama)** Venture · US **$127K** With 3 others
- **2021** 8 rounds
- **Nov** **[Merchbar](https://millionrounds.com/company/merchbar)** US **$1.3M** With 3 others
- **Oct** **[BeBop Sensors](https://millionrounds.com/company/bebop-sensors)** Series A · US **$1.5M** Sole investor
- **Oct** **[Grin](https://millionrounds.com/company/grin)** Series B · US **$110M** With 3 others
- **Oct** **[Ureeka](https://millionrounds.com/company/ureeka)** Series A · US **$8.2M** With 4 others
- **Sept** **[SpaceIQ](https://millionrounds.com/company/spaceiq)** Venture · US **Undisclosed** With 1 other
- **Jul** **[Octane AI](https://millionrounds.com/company/octane-ai)** Venture · US **$5.0M** With 4 others
- **Jun** **[Beryllium](https://millionrounds.com/company/beryllium)** Seed **$3.0M** Sole investor
- **Apr** **[Confident LIMS](https://millionrounds.com/company/confident-lims)** **$1.8M** With 3 others
- **2020** 3 rounds
- **Dec** **[Plink](https://millionrounds.com/company/plink)** Venture **$3.0M** With 3 others
- **Jun** **[Fitplan](https://millionrounds.com/company/fitplan)** Venture **Undisclosed** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **4 named**

DD **Duncan Davidson** Managing Member of the General Partner i Filing they signed

EW **Eric Wiesen** Managing Member of Bullpen SPV Capital Management LLC. i Filing they signed

PJ **Paul Jason Martino** Managing Member of Bullpen SPV Capital Management LLC. i Filing they signed

RM **Richard Melmon** Executive Officer i Filing they signed

We also hold **19** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$754M** gross assets of its funds Oct 2026

**4+** funds on file numbered funds in its name

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Bullpen Management, LLC
- **SEC number:** CRD 166060

## What they claim to have backed

From their own portfolio page (on their website)

**60** of 60 we have independently watched raise

[Airmap](https://millionrounds.com/company/airmap)[Allcitynetwork](https://millionrounds.com/company/allcity-network)[Avantstay](https://millionrounds.com/company/avantstay)[Barn2door](https://millionrounds.com/company/barn2door)[Bebopsensors](https://millionrounds.com/company/bebop-sensors)[Beyondpricing](https://millionrounds.com/company/beyond-pricing)[Blueboard](https://millionrounds.com/company/blueboard)[Braze](https://millionrounds.com/company/braze)[Citusdata](https://millionrounds.com/company/citus-data)[Classy](https://millionrounds.com/company/classy)[Confidentcannabis](https://millionrounds.com/company/confident-cannabis)[Coverhound](https://millionrounds.com/company/coverhound)[Cruxocm](https://millionrounds.com/company/cruxocm)[Draftea](https://millionrounds.com/company/draftea)[Edgemarkets](https://millionrounds.com/company/edge-markets)[Entera](https://millionrounds.com/company/entera)[Fakespot](https://millionrounds.com/company/fakespot)[Fama](https://millionrounds.com/company/fama)[Fanduel](https://millionrounds.com/company/fanduel)[Fanimal](https://millionrounds.com/company/fanimal)[Gameflip](https://millionrounds.com/company/gameflip)[Getbento](https://millionrounds.com/company/bentobox)[Grassrootsunwired](https://millionrounds.com/company/grassroots-unwired)[Grove](https://millionrounds.com/company/grove-collaborative)[Homelight](https://millionrounds.com/company/homelight)[Improvado](https://millionrounds.com/company/improvado)[Ipsy](https://millionrounds.com/company/ipsy)[Jackpocket](https://millionrounds.com/company/jackpocket)[Jolly](https://millionrounds.com/company/jolly)[Jumprampgames](https://millionrounds.com/company/jump-ramp-games)[Lawnlove](https://millionrounds.com/company/lawn-love)[Liveintent](https://millionrounds.com/company/liveintent)[Mangohealth](https://millionrounds.com/company/mango-health)[Manufactured](https://millionrounds.com/company/manufactured)[Merchbar](https://millionrounds.com/company/merchbar)[Namely](https://millionrounds.com/company/namely)[Nanome](https://millionrounds.com/company/nanome)[Ocrolus](https://millionrounds.com/company/ocrolus)[Octaneai](https://millionrounds.com/company/octane-ai)[Onsiteiq](https://millionrounds.com/company/onsiteiq)[Paintzen](https://millionrounds.com/company/paintzen)[Paper](https://millionrounds.com/company/paper)[Predictionstrike](https://millionrounds.com/company/predictionstrike)[Preveta](https://millionrounds.com/company/preveta)[Ranker](https://millionrounds.com/company/ranker)[Reidopitaco](https://millionrounds.com/company/rei-do-pitaco)[Reniac](https://millionrounds.com/company/reniac)[Ripplematch](https://millionrounds.com/company/ripplematch)[Roofr](https://millionrounds.com/company/roofr)[Saucey](https://millionrounds.com/company/saucey)[Skywatch](https://millionrounds.com/company/skywatch)[Spaceiq](https://millionrounds.com/company/spaceiq)[Splitwise](https://millionrounds.com/company/splitwise)[Spothero](https://millionrounds.com/company/spothero)[Starcity](https://millionrounds.com/company/starcity)[Suiteness](https://millionrounds.com/company/suiteness)[Swishanalytics](https://millionrounds.com/company/swish-analytics)[Switchyards](https://millionrounds.com/company/switchyards)[Tankutility](https://millionrounds.com/company/tank-utility)[Thrivefantasy](https://millionrounds.com/company/thrivefantasy) and 30 more

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **5 in all**

**[Byliner](https://millionrounds.com/company/byliner)** Bought by Pronoun **Undisclosed** Sept 2014

**[Ness Computing](https://millionrounds.com/company/ness-computing)** Bought by OpenTable **$17M** Feb 2014

**[Engagio (old)](https://millionrounds.com/company/engagio-old)** Bought by Influitive **Undisclosed** Feb 2013

**[Tello](https://millionrounds.com/company/tello)** Bought by Urban Airship **Undisclosed** Dec 2012

**[Desk](https://millionrounds.com/company/desk)** Bought by Salesforce **$50M** Sept 2011

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$5.3M**

raised in Nov 2022

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$8.6M** the round, not its cheque Alone, median **$1.5M**

Led 4 of 113 rounds **4%**

- **Said size:** $600K – $3.0M
- **Sole investor:** 5 rounds
- **Last cheque:** Jun 2026
- **Exits:** 5 from the portfolio

Rounds by stage said on their site

- Series A said *41*
- Venture *20*
- Series B said *18*
- Seed said *15*
- Series C *5*
- Pre-seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [500 Global](https://millionrounds.com/fund/500-startups) 9
- [First Round Capital](https://millionrounds.com/fund/first-round-capital) 7
- [Lightbank](https://millionrounds.com/fund/lightbank) 7
- [Floodgate](https://millionrounds.com/fund/floodgate) 6
- [Venture51](https://millionrounds.com/fund/venture51) 6
- [Lerer Hippeau](https://millionrounds.com/fund/lerer-hippeau) 5

**Pitching Bullpen Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Bullpen Capital. A count of rooms they were both in, not a relationship either has claimed.

[**500 Global** Angel **9** rounds together](https://millionrounds.com/fund/500-startups)[**First Round Capital** VC firm **7** rounds together](https://millionrounds.com/fund/first-round-capital)[**Lightbank** VC firm **7** rounds together](https://millionrounds.com/fund/lightbank)[**Floodgate** VC firm **6** rounds together](https://millionrounds.com/fund/floodgate)[**Venture51** VC firm **6** rounds together](https://millionrounds.com/fund/venture51)[**Lerer Hippeau** VC firm **5** rounds together](https://millionrounds.com/fund/lerer-hippeau)[**True Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/true-ventures)[**Blumberg Capital** VC firm **4** rounds together](https://millionrounds.com/fund/blumberg-capital)[**FundersClub** VC firm **4** rounds together](https://millionrounds.com/fund/fundersclub)[**Michael Lazerow** Angel **4** rounds together](https://millionrounds.com/fund/michael-lazerow)[**OCA Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/oca-ventures)[**Salesforce Ventures** Corporate VC **4** rounds together](https://millionrounds.com/fund/salesforce-ventures)

## Recently backed

The latest companies Bullpen Capital put money into.

[**EDGE Markets** $29M · Jun 2026](https://millionrounds.com/company/edge-markets)[**SpeedLabs** $6.5M · Jun 2026](https://millionrounds.com/company/speedlabs)[**BetHog** $10M · Apr 2026](https://millionrounds.com/company/bethog)[**Gameflip** $182K · Mar 2026](https://millionrounds.com/company/gameflip)[**Preveta** $2.4M · Nov 2025](https://millionrounds.com/company/preveta)[**OnsiteIQ** $5.2M · Sept 2025](https://millionrounds.com/company/onsiteiq)

## On podcasts

2 episodes naming Bullpen Capital in the title, and 4 more that mention it.

- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 20 Apr 2021 · 34 min Paul Martino from Bullpen Capital on being an early pioneer in post-seed, conviction to back non-consensus startups + another way to think about the SPAC movement With [Paul Martino](https://millionrounds.com/person/paul-martino) Mentions [Bullpen Capital](https://millionrounds.com/fund/bullpen-capital)[Duncan Davidson](https://millionrounds.com/person/duncan-davidson)[Richard Melmon](https://millionrounds.com/person/richard-melmon) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 16 Nov 2016 · 37 min 20VC: Investing In Sectors That Were Cool 2 Years Ago, What Accel's Facebook Fund Taught a Generation of LPs & Why LPs Need A New Discovery Process with Paul Martino, Founding Partner @ Bullpen Capital With [Paul Martino](https://millionrounds.com/person/paul-martino) Mentions [Accel](https://millionrounds.com/fund/accel)[Bullpen Capital](https://millionrounds.com/fund/bullpen-capital) Apple PodcastsShow page

### Mentioned in

- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 17 Aug 2021 · 51 min Haystack's Semil Shah on building the firm from the ground up, portfolio models, and the state of VC today Apple PodcastsShow page
- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 29 Mar 2021 · 39 min 275. Doubling Down on Data to Discover Overlooked Founders, Teaching and Coaching CEOs, & Bullpen's Approach to Measuring Fund Success (Paul Martino) Apple PodcastsShow page
- [Village Global Podcast](https://millionrounds.com/podcasts/village-global) 27 Dec 2020 · 36 min The Rise of the Post-Seed Round with Paul Martino Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 24 Jun 2020 · 52 min Hunter Somerville, Greenspring Associates Apple PodcastsShow page

## Quick answers about Bullpen Capital

### What does Bullpen Capital invest in?

Bullpen Capital invests most often at Series A and Venture (62% of the rounds on record), in sectors such as Gaming, Commerce and Enterprise.

### How active is Bullpen Capital?

113 investments on record, 7 of them in the last 12 months, and it led 4. The most recent was in Jun 2026.

### What has Bullpen Capital invested in recently?

Its most recent investments on record: EDGE Markets (Series A, Jun 2026), SpeedLabs (Seed, Jun 2026) and BetHog (Series A, Apr 2026).

### How big are Bullpen Capital's cheques?

The median round it joins is $8.6M. It says it writes cheques of $600K to $3.0M.

### Does Bullpen Capital lead rounds?

Sometimes: it led 4 of its 113 investments on record (4%).

### Where does Bullpen Capital invest?

Most of the companies it backs are in the United States (89%).

### Is Bullpen Capital investing now?

Yes: it is actively investing, with 7 investments in the last 12 months.

### Who does Bullpen Capital invest alongside?

Most often 500 Global (9 rounds together), First Round Capital (7 rounds together) and Lightbank (7 rounds together).

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