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Bullpen Capital raises $130 million more to fund the far afield and misunderstood

Bullpen Capital, a now 10-year-old, venture fund in San Francisco that focuses on what it calls post-seed investing — it backs startups that have already raised up to $5 million and “aren’t quite ready for a $10 million check but another $5 million would make them dangerous,” says firm co-founder Paul Martino — just closed its fifth fund with $130 million in capital commitments.
The firm also brought aboard a new general partner: Ann Lai, formerly of Binary Capital, a firm that has since closed its doors but where Lai, who has a PhD in engineering sciences from Harvard, developed a thesis  around bringing in more diverse startups from both a founder and geographic perspective — work that, it turns out, is also a prime focus for Bullpen.
In a call with both Martino and Lai earlier this week, they pointed to the startup Hemster to illustrate how both Bullpen and Lai respectively think about startups, and why, soon after Lai brought the deal to Bullpen roughly a year ago, it knew it had found its newest GP.
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