Bullpen Capital

Bullpen Capital is a San Francisco-based venture capital firm founded in 2010 by Paul Martino, Rich Levandov, and Duncan Davidson, specialising in what the firm calls the post-seed stage: the funding gap between initial seed rounds and the institutional Series A that most major venture firms lead. This positioning, which the firm sometimes describes as Series A Prime, was a deliberate response to the reality that many seed-funded companies exhaust their initial capital before reaching the traction milestones required to attract traditional Series A investors, creating a chronically underfunded period in the company's development when a knowledgeable and patient investor can add significant value. Bullpen typically invests from $1 million to $4 million in companies that have raised seed funding and are approaching product-market fit but are not yet ready for a full Series A, helping them reach the next inflection point efficiently. The firm has a particular track record in consumer internet businesses including marketplaces, social platforms, and digital media, as well as enterprise software and financial technology. FanDuel, the daily fantasy sports platform, was backed by Bullpen at an early stage before the company became one of the leading online sports betting platforms in the United States and merged with Flutter Entertainment. SpotHero, the parking reservation marketplace, is a portfolio company. Namely, an HR software platform for mid-market companies, was a portfolio company. Wanelo, the social shopping platform, was an early Bullpen-backed company. Beyond its original investments in FanDuel, Namely, SpotHero, and Wanelo, the portfolio includes consumer, marketplace, and enterprise software companies where Bullpen's post-seed positioning provided critical capital and support.