Bullpen Capital Launches $75m Fund III

“With over $75 million in additional firepower, Bullpen Capital will strengthen its leadership position in Post Seed.”

Bullpen Capital the leader in Post-Seed Round funding, today announced Bullpen III. The $75 million fund was oversubscribed with participation from Greenspring Associates, Venture Investment Associates (VIA), Oberlin College, and other institutional and individual investors.

Like the firm’s previous two funds, Bullpen III will invest in technology startups between their Seed and Series A financing rounds.

Founded in 2010, Bullpen Capital is the first venture firm to specialize in Post-Seed funding. “Bullpen seeks out startups that have excellent early operating metrics but that are frequently overlooked by the rest of the venture ecosystem.

Many Bullpen companies are in under-invested categories and geographies or have founders with unusual backgrounds,” said Bullpen General Partner Paul Martino.

“Bullpen Capital’s deeply analytical approach and robust franchise in the burgeoning Post Seed space make the firm stand out among the large crop of newly formed Micro-VCs,” said Chris Douvos Managing Director of VIA.

“We are thrilled to be along for the journey as members of the limited partner advisory board and look forward to watching Bullpen seek outstanding returns on behalf of its top-notch roster of institutional investors.”

“In addition to fund-of-fund investors like Greenspring and VIA, Fund III is the first time that we have had support from colleges and endowments,” said Eric Wiesen, General Partner at Bullpen Capital.

“We are excited to have partnered with Bullpen by committing to this investment vehicle,” said JT Thayer, CIO of Oberlin.

“The firm applies a unique and very innovative strategy to venture investing that should prove to be extremely successful in the current environment. We believe the success of Bullpen’s approach can be seen in the exceptional outcomes in the firm’s prior funds.”

  • Classy, a fundraising platform for non-profits and social enterprises, recently raised $35m led by JMI capital. CEO Scot Chisholmsaid, “Doing my Bullpen Round prior to my Series A really turbocharged our growth. The guidance we received from the team was crucial in raising later rounds led by Mithril and then JMI.”
  • FanDuel recently merged with DraftKings enabling the fantasy sports technology companies to give greater investment in product innovation, high-quality customer experience and create a more accelerated path to profitability.
  • Circulate, a data supply side platform, was acquired last month by Axciom, combining them with the strength of LiveRamp and Arbor to enable brands to expand people-based marketing beyond leading media platforms and allow publishers to better support people-based marketing initiatives.

“Post-Seed financing is not some fad – it’s a permanent change in the venture ecosystem, and the opportunity is even bigger than we realized,” continues Paul Martino, General Partner at Bullpen Capital.

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