Bullpen Capital
Venture capitalSan Francisco · Seed–Series A · 15 people tracked
Also known as BULLPEN MANAGEMENT, LLC
Investment thesis
Bullpen Capital specializes in early-stage financing for founders and companies that have achieved product-market fit but are overlooked by conventional investors for reasons unrelated to their potential. The firm positions itself as a backer of contrarian bets and unconventional founders, funding companies that other VCs dismissed as unlikely to succeed. Over the past decade it has invested in more than 100 companies across sectors such as gaming, sports betting, consumer, enterprise software, digital health, and energy technology, aiming to help build the next generation of great businesses.
Source: firm website, verified Aug 3, 2026.
Team · 15 people
from the firm's website & public directories
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What they invest in
from 52 of 105 portfolio companiesSaaS ×22Consumer ×13Enterprise Software ×12AI & Machine Learning ×11Marketplaces ×10Fintech ×8Data & Infrastructure ×7PropTech ×7
HQs:United States×50Canada×3
Investments · 105 tracked
founders shown can be your intro pathCustomer engagement platform that IPO'd in 2021.
Braze is a customer engagement platform that helps brands connect with customers across multiple channels.
AI & Machine LearningEnterprise SoftwareMarketing TechSaaS
Bill Magnuson(CEO)Jon Hyman(CTO)Mark Ghermezian
Grove is an e-commerce platform that curates and sells household and personal care products vetted against health and environmental standards.
Circular EconomyConsumerDirect to ConsumerSan Francisco, US
Jeff Crowe(Director)Tim Chang(Director)Mark Sugarman(Director)Christopher Clark(Director)Stuart Landesberg(Executive Officer, Director)
Brightside provides remote mental health care combining personalized psychiatry and therapy through a technology-enabled platform.
Digital HealthHealthtechMental HealthSan Francisco, US
Bradley Kittredge(Executive Officer, Director)Jeremy Barth(Executive Officer, Director)Eric Wiesen(Director)Aike Ho(Director)
Board seatEric Wiesen· per SEC Form D
Roofr operates a digital platform for the roofing industry that uses satellite imagery to generate instant roofing estimates, connecting contractors and homeowners to streamline the sales and estimation process.
B2B MarketplacesConstruction TechConsumerEnterprise SoftwarePropTechSaaSSan Francisco, US
San Francisco, US
Amra Tareen(Executive Officer, Director)
Board seatPaul Martino· per SEC Form D
AvantStay organizes corporate team retreats and offsites, providing curated properties, dedicated coordination, catering, and activities for corporate groups.
B2B MarketplacesFuture of WorkPropTechTravel & HospitalityCulver City, US
Sean Breuner(Executive Officer, Director, Promoter)Reuben Doetsch(Executive Officer, Director, Promoter)Jesse Suarez(Executive Officer)Shawn Colo(Director)Rishi Reddy(Director)Frederick Tuomi(Director)
Board seatEric Wiesen· per SEC Form D
BentoBox provides restaurant marketing and commerce solutions, now integrated into the Clover POS ecosystem.
Marketing TechMarketplacesSaaSNew York City, US
Krystle Mobayeni(Executive Officer, Director, Promoter)Pierre Drescher(Executive Officer, Promoter)
Board seatEric Wiesen· per SEC Form D
Raleigh, US
Paul Martino(Director)Justin Miller(Executive Officer, Director)Lister Delgado(Director)Andrew Heymann(Executive Officer)Idan Koren(Executive Officer, Director)
Board seatPaul Martino· per SEC Form D · $7.3M raise · filed Jan 2016
FintechWilmington, US
Seni Thomas(CEO & Founder)Gregory Maxon(Director)Joshua Jacobs(Executive Officer, Director)Josh Jacobs(President & Executive Director)David Woodley(Chief Revenue Officer)Adam Neff(Chief Product Officer)
Board seatPaul Martino· per SEC Form D
Bentonville, US
Paul Martino(Director)Gary Westerman(Director)James A. Janis(Executive Officer, Director)Ken Burdick(Director)John Lynch(Director)
Board seatPaul Martino· per SEC Form D · $8.6M raise · filed May 2026
Santa Monica, US
Gregory McNeal(Executive Officer, Director)Bilal Zuberi(Director)Benjamin Marcus(Executive Officer, Director)
Arro is a fintech platform that offers a credit-building credit card with cash back rewards and an AI-powered money coach to help users build credit, earn financial rewards, and improve their financial habits.
Fintech
Barn2Door provides software for independent farmers across America to sell their products, manage sales, and reduce administrative work.
AgTechFoodTechSaaSSeattle, US
KATHY CHILL(Director)JANELLE MAIOCCO(Executive Officer, Director)JAMES MAIOCCO(Executive Officer, Director)
BoardDUNCAN DAVIDSON(Director)
Berkeley, US
Michelle Cook(Executive Officer)Keith McMillen(Executive Officer, Director)Stephen Mendel(Former Director - resigned 3/6/2016)Stan Friedman(Director)Robin Nijor(Director)Steven Berger(Director)
Citus is a Postgres extension that enables horizontal scaling of databases by distributing data and queries across multiple nodes.
Data & InfrastructureDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US
Sumedh Pathak(Founder/Engineer)
Classy, acquired by GoFundMe, provides fundraising software for nonprofits that combines donation management tools with the GoFundMe platform to help organizations reach donors and increase charitable giving.
FintechSaaS<UNKNOWN>, US
Patrick Walsh(Director, Promoter)Howard Deshong(Director)Adam Garone(Director)Scot Chisholm(Executive Officer, Director, Promoter)Paul Leggett(Director)
Confident LIMS is a cloud-based laboratory information management system designed for analytical testing labs across industries including cannabis, food, agriculture, nutraceuticals, environmental, cosmetics, and industrial chemicals.
Enterprise SoftwareHealthtechSaaS
Creed Labs builds an AI-powered consumer app that provides biblical guidance, customizable daily prayers, and scripture verses.
AI & Machine LearningConsumer
CruxOCM develops AI-powered automation software for industrial control room operations in energy infrastructure, enabling autonomous monitoring and control to improve throughput and reduce operational risk.
AI & Machine LearningCleantechClimate TechEnergyEnterprise SoftwareIoTCalgary, CA
EQL is a game studio and lottery content provider that creates and distributes lottery games for lottery operators and players in the US and internationally.
Gaming
Greg Buonocore(Director)Seth Young(Director)Gary Russell(Director)Mark Mueller(Director)Robert Saunders(Director)Thomas Mueller(Director)
A world-class gaming and sports entertainment platform providing fans with innovative ways to interact with their favorite games and sports.
Austin, US
Kyle Armbrester(Director)Colin Anawaty(Executive Officer, Director, Promoter)Jason Bornhorst(Executive Officer, Director, Promoter)
flexEngage provides retail software that personalizes post-purchase communications like receipts to drive repeat customer purchases.
Enterprise SoftwareOrlando, US
Relish is a relationship coaching app that pairs users with certified coaches and provides science-based guidance to improve relationships with partners, family, friends, and colleagues.
ConsumerMental HealthWellness & FitnessMamaroneck, US
Lesley Eccles(CEO)
Hemster operates a technology-enabled platform for garment tailoring and alterations, connecting customers with professional tailors to achieve custom fits.
Circular EconomyMarketplacesRetail TechNew York, US
Allison Lee(Executive Officer, Director)Ann Lai(Director)
Hologram provides global IoT connectivity solutions that simplify device management and reduce costs for businesses deploying internet-connected devices across multiple countries.
HardwareIoTSaaSChicago, US
Benjamin Forgan(Executive Officer, Director)Patrick Wilbur(Executive Officer, Director)Anne Rosen(Executive Officer)
BoardNick Solaro(Director)
HomeLightoffers bridge loans and financial solutions that allow homebuyers to remove sale contingencies and access equity for home purchases.
Data & InfrastructureFintechMarketplacesPropTechSan Francisco, US
Tyler Sosin(Director)Andrew Uher(Executive Officer, Director)Oren Zeev(Director)
Jackpocket is a licensed third-party lottery courier app that enables users to order official state lottery tickets via smartphone.
ConsumerFintechMarketplacesNew York, US
Peter J. Sullivan, III(Executive Officer, Director)Adam Rothstein(Director)
Jolly is an AI and data science platform that uses gamified, performance-based incentives to drive employee utilization, compliance, referrals, and loyalty.
AI & Machine LearningEnterprise SoftwareHR Tech
Lawn Love is a digital marketplace platform that connects customers with background-checked service professionals for lawn care and outdoor services.
ConsumerMarketplacesSaaSSan Diego, US
Jeremy Yamaguchi(Founder/CEO)inSteve Corcoran(Co-founder and CEO of LawnStarter (leads Lawn Love))
Mango Health develops an AI-powered tool that guides users through exposure and response prevention (ERP) therapy for obsessive-compulsive disorder, offering continuous support and educational content as an alternative to traditional clinical treatment.
Healthtech
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Frequently asked questions
- What stage does Bullpen Capital invest at?
- Bullpen Capital invests at the Seed, Series A stages.
- What is Bullpen Capital's typical check size?
- Bullpen Capital typically writes checks of $2M – $4M.
- What sectors does Bullpen Capital focus on?
- Bullpen Capital focuses on Consumer, Digital Health, Energy, Enterprise Software, Fintech, Gaming, IoT, SaaS, Sector Agnostic, Sports Tech.
- Where is Bullpen Capital located?
- Bullpen Capital is headquartered in San Francisco, US.
- Does Bullpen Capital lead rounds?
- Bullpen Capital typically participates in rounds rather than leading them.
From the blog
visit blog ↗Bullpen Capital has been writing about portfolio companies spanning AI agents, community-focused real estate, and regulated gaming. Their recent posts highlight investments in novel product categories—machine-to-machine networks, neighborhood work clubs, and digital lottery infrastructure—with emphasis on founders who pursue unconventional market approaches. AI summary
Media · Podcasts & interviews
featuring the teamSpaceX comes down to data centers in space, says Bullpen Capital's Duncan Davidson
Duncan Davidson · cnbc.com
Investment Niches ft. Bullpen Capital Founder Paul Martino
Grace Gong · Paul Martino
Bullpen Capital's Duncan Davidson thinks Rivian will do just as well as Tesla
Duncan Davidson · cnbc.com
Paul Martino, Bullpen Capital | CUBEConversation, February 2019
SiliconANGLE theCUBE · Paul Martino
Startup Grind hosts Duncan Davidson (Bullpen Capital)
Startup Grind Local · Duncan Davidson
Duncan Davidson, Partner Bullpen Capital #icos
FinTech Silicon Valley · Duncan Davidson
Co-investors · 149
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RRE Ventures is a boutique early-stage venture capital firm that backs founders across sectors, combining decades of experience with AI-driven analysis throughout the investment lifecycle.
NextView Ventures is a seed-stage venture capital firm that works closely with founders, providing hands-on support to help build companies from inception to scale.
Bonfire Ventures is a seed-stage venture capital firm that backs founders reinventing how business operates, leading seed rounds in AI-native B2B software.
Social Leverage is an early-stage venture capital firm founded by entrepreneurs that has backed 150+ startups since 2009, including Robinhood, beehiiv, Kustomer and Manscaped.
Social Starts is a group of early-stage venture funds that applies a data-driven, analytics-based methodology to identify and back promising companies in high-potential segments. Its current fund, Social Starts Health and Happiness, targets startups focused on helping people live longer and better.
MaC Venture Capital is an early-stage venture capital firm that partners closely with founders, offering hands-on support and strategic involvement beyond capital.
Montage Ventures is a venture capital firm investing in startups across financial services, healthcare, and commerce, with a focus on AI-driven transformation of these sectors.
ValueStream Ventures is an early-stage venture fund focused on B2B platforms built around valuable proprietary data.
Resolute Ventures is an early-stage venture capital firm that leads pre-seed and seed rounds, backing founders with grit, energy and conviction.
Lerer Hippeau is an early-stage venture capital firm that backs founders across sectors, emphasizing investing in companies before they gain wider recognition.
▶137 more co-investors
Ridge Ventures500 StartupsAccelerator VenturesCrosscut VenturesGolden VenturesChicago VenturesData Point CapitalLaunchCapitalVertical Venture PartnersOmega Venture PartnersAndreessen HorowitzGV (Google Ventures)Bessemer Venture PartnersAccelKhosla VenturesFJ LabsBain Capital VenturesFirst Round CapitalTrue VenturesIVP (Institutional Venture Partners)Norwest Venture PartnersGreat Oaks Venture CapitalStreamlined VenturesSlow VenturesBling CapitalGreycroftOak HC/FTLux CapitalScale Venture PartnersKapor CapitalSierra VenturesQED InvestorsTrinity VenturesAltaIR CapitalLightbankTSVCMS&AD VenturesRenegade PartnersCoinFundWork-BenchTusk Venture PartnersNext Coast VenturesAngular VenturesG20 VenturesSpace CapitalMithril Capital ManagementKrillion VenturesMHS CapitalAlpine MeridianConductive VenturesLaconiaFramework Venture PartnersScOp Venture CapitalDifferential VenturesZeno VenturesCabra VCGrit Capital PartnersRET VenturesFounders FundCraft VenturesRedpoint VenturesLong Journey VenturesFounder CollectiveUncork CapitalBenchmarkSV AngelUberFoundation CapitalCoatue ManagementDST GlobalTiger Global ManagementEniac VenturesSusa VenturesOffline VenturesMayfield FundUpHonest CapitalHeadlineAccel-KKREmergence Capital PartnersBowery CapitalPractical Venture Capital2048 VenturesQueensBridge Venture PartnersM13Intel CapitalBlockchain CapitalPareto HoldingsSalesforce Japan Co.,Ltd.WGI GroupArray Ventures Management LlcAngelPadBetaworks Ventures Management, Llc7percent VenturesNextGen Venture Partnersboldstart venturesTCVPolychain CapitalUpside PartnershipAnorak VenturesScience VenturesThe Finger GroupReach CapitalCP VenturesRelay VenturesBlueRun VenturesThomvest VenturesVertex Ventures Southeast Asia & India20VCForum Ventures14WEuclid Venture PartnersPrimitive VenturesMiramar Venture PartnersDeciensPiton Capital LLPTrust VenturesAlpine VenturesBain Capital VenturePiva CapitalImaginary Venture CapitalIronspring VentureVinyl CapitalAperiam VenturesTunitas VenturesRock VenturesFormic VenturesHarmonix Music SystemsInspiration VenturesLas Olas Venture CapitalSRI CapitalUpheaval InvestmentsEnergy FoundryGotham VenturesTrimble Venturesmark vc01VenturesPoseidon Asset Management
Firms observed investing alongside Bullpen Capital, from public investor directories. Shared companies are the overlap with Bullpen Capital's recorded portfolio.
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