DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Bullpen Management, LLC
Bullpen Management, LLC
Bullpen is a venture capital fund that invests post-seed capital into early stage companies.
venture manager, reported GAV $770M across 18 vehicles
Importance
54
elevated
Active deployment
55
elevated
Emerging
0
low
Completeness
81
high
Freshness
100
high
Research priority
19
moderate
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 38 KEYES AVENUE, SUITE 100, San Francisco, CA, 94129adviserinfo.sec.gov
- Business phone
- 415-649-6923adviserinfo.sec.gov
- Website
- HTTP://BULLPENCAP.COM/
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 25, 2026
- Private funds reported
- 20 (20 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $754Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- hello@bullpencap.combullpencap.compublished by the subject
- business phone
- 415-649-6923adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
91 observed deals
Stated (the firm’s website)
- Sectors
- enterprise software, consumer, energy, robotics, space, industrial, gaming, media
- Stages
- early
- Geography
- united states
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 93%Other 4%Retailing 1%Other Technology 1%
lead rate n/afollow-on rate n/anew logos, 12 months 90
Funds and vehicles
18 reported, 4 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Bullpen Capital VI, LP | Fund | 2023 adv first reported | Active deployment | $135M Mar 27, 2024 | 48 | $0 of $150M | Jun 28, 2022 |
| Bullpen Capital Vi-A, LP | Feeder or parallel | 2023 adv first reported | Active deployment | $1.2M Mar 27, 2024 | 6 | $0 of $2.0M | Nov 3, 2022 |
| Bullpen Havenly I Spv LLC | SPV or co-invest vehicle | 2023 adv first reported | Active deployment | $1.1M Mar 27, 2024 | 10 | unknown | unknown |
| Bullpen Booster I Spv LLC | SPV or co-invest vehicle | 2023 adv first reported | Active deployment | $311,021 Mar 27, 2024 | 4 | unknown | unknown |
| Bullpen Sure I Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $9.1M Mar 27, 2024 | 67 | $16.4M | Sep 14, 2022 |
| Bullpen Carbon I Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $5.1M Mar 27, 2024 | 20 | $5.0M | Aug 16, 2021 |
| Bullpen Grin I Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $1.5M Mar 27, 2024 | 7 | $6.4M | Sep 14, 2022 |
| Bullpen Avantstay I Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $1.3M Mar 27, 2024 | 9 | $1.3M | Sep 14, 2022 |
| Bullpen Hologram I Spv LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $755,607 Mar 27, 2024 | 12 | $3.0M | Aug 16, 2021 |
| Bullpen Capital V, L.P. | Fund | 2020 form d first sale | Mature | $95.7M Mar 27, 2024 | 42 | $109M of $150M | Sep 30, 2020 |
| Bullpen Playoff Fund, L.P. | Fund | 2019 adv first reported | Mature | $38.1M Mar 27, 2024 | 34 | $0 of $40.0M | Mar 23, 2018 |
| Bullpen Capital IV, L.P. | Fund | 2018 form d first sale | Harvest | $293M Mar 27, 2024 | 79 | $138M of $138M | Jul 3, 2018 |
| Bullpen Capital III, L.P. | Fund | 2016 form d first sale | Harvest | $96.1M Mar 27, 2024 | 98 | $83.6M of $83.6M | May 15, 2017 |
| Bullpen Fde, LLC | Fund | 2015 form d first sale | Harvest | $3.8M Mar 27, 2024 | 33 | $5.3M of $5.3M | Apr 30, 2015 |
| Bullpen Fanduel, LLC | Fund | 2014 form d first sale | Harvest | $1.3M Mar 27, 2024 | 20 | $1.8M of $1.8M | Aug 11, 2014 |
| Bullpen Capital II, L.P. | Fund | unknown | Unknown | $76.4M Mar 27, 2024 | 75 | $0 of $50.0M | Apr 18, 2014 |
| Bullpen Capital, LP | Fund | unknown | Unknown | $8.9M Mar 27, 2024 | 62 | $0 of $50.0M | Dec 23, 2010 |
| Bullpen Fdn, LLC | Fund | unknown | Unknown | $1.4M Mar 27, 2024 | 19 | unknown | unknown |
| Bullpen Spv VII LLC | SPV or co-invest vehicle | 2022 adv first reported | Wound down | $14.9M Mar 27, 2024 | 34 | unknown | unknown |
| Bullpen Dde, LLC | Fund | unknown | Wound down | $1.0M Mar 17, 2019 | 3 | unknown | unknown |
| Bullpen Enspire, LLC | Fund | unknown | Wound down | $641,811 Mar 17, 2019 | 1 | unknown | unknown |
| Bullpen Liveintent, LLC | Fund | unknown | Wound down | $0 Feb 14, 2020 | 5 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
12 current, 2 departed
Duncan Davidson
General partnerGeneral Partner, Co-Founder
Eric Wiesen
General partnerGeneral Partner
Paul Martino
General partnerGeneral Partner, Co-Founder
Eric Wiesen
Managing partnerManaging Member · since Jan 1, 2016
Paul Jason Martino
Managing partnerManaging Member · since Dec 1, 2010
Richard Melmon
PartnerEmeritus Partner, Co-Founder
Bobby Lawler
Platform and operationsAccounting Manager
Candace Chan
Platform and operationsCFO
Rick Santos
Platform and operationsCFO-in-Residence
Samantha Cooper
Platform and operationsDirector of Operations
Tj Hurst
Platform and operationsMarketing & Operations
Alex Loomes
PrincipalPrincipal
2 departed (kept with end dates)
- Duncan Mowbray Davidson · Managing Member · Dec 1, 2010 to Mar 5, 2021 Inference
- Richard Wolf Melmon · Managing Member · Dec 1, 2010 to Mar 29, 2018 Inference
Investments on record
91 edges, 91 companies, 1 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
40 relationships from shared deals, counted for the whole firm
Valuestream Ventures 3 shared · recurringBlumberg Capital, L.L.C. 3 shared · recurringWestern Technology Investment (wti) 3 shared · recurringInterplay Ventures Early Stage Management LLC 3 shared · recurringTQ Ventures LLC 3 shared · recurringBettor Capital Management, LLC 2 shared · recurringGreat Oaks Management Company LLC 2 shared · recurringMenlo Ventures 2 shared · recurringBling Capital LLC 2 shared · recurringAnthemis 2 shared · recurringMac Venture Capital 2 shared · recurringBase Venture Management, Inc. 2 shared · recurringChartline Capital Partners 2 shared · recurringAlleycorp Advisers, LLC 2 shared · recurringVolition Capital LLC 2 shared · recurringCourtside Ventures 2 shared · recurringGolden Ventures 2 shared · recurringSapphire Ventures, LLC 2 shared · recurringIntel Capital 1 shared · one timeHaystack Management Company, LLC 1 shared · one timeDaft Capital Management, LLC 1 shared · one timeUpslope Venture Fund I, LLC 1 shared · one timeDifferential Venture Partners, LLC 1 shared · one timeRocketship.vc, LLC 1 shared · one timeAlpha Partners Management, LLC 1 shared · one timeLerer Hippeau Ventures Management, LLC 1 shared · one timeTrinity Ventures 1 shared · one timeCorazon Group LLC 1 shared · one timeTransform Capital 1 shared · one timeAlkeon Capital Management, LLC 1 shared · one timeInnovation Endeavors: Reimagining the technical frontier 1 shared · one timeTDK Ventures Inc. 1 shared · one timeDbafc, L.L.C. 1 shared · one timeMorpheus Advisors 1 shared · one timeCoinfund Management LLC 1 shared · one timeElectric Capital Partners, LLC 1 shared · one timeRethink Capital Partners, LLC 1 shared · one timeInnovating Capital Management, LLC 1 shared · one timeTrue Ventures 1 shared · one timeZelkova Management, LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
30 dated events
- Mar 27, 2024Bullpen Playoff Fund 2021 no longer reported on Form ADV by Bullpen Management, LLCFund no longer reportedFundsInferenceBullpen Spv VII LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2023Bullpen Playoff Fund 2021 first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $19,272,462Fund first reported on Form ADVFundsFactBullpen Spv VII LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2023Bullpen Booster I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $1,195,691Fund first reported on Form ADVFundsFactBullpen Booster I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2023Bullpen Havenly I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $1,050,440Fund first reported on Form ADVFundsFactBullpen Havenly I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2023Bullpen Capital Vi-A, LP first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $1,279,900Fund first reported on Form ADVFundsFactBullpen Capital Vi-A, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2023Bullpen Capital VI, LP first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $138,518,651Fund first reported on Form ADVFundsFactBullpen Capital VI, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Hologram I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $3,074,458Fund first reported on Form ADVFundsFactBullpen Hologram I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Carbon I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $5,109,390Fund first reported on Form ADVFundsFactBullpen Carbon I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Sure I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $16,540,964Fund first reported on Form ADVFundsFactBullpen Sure I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Avantstay I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $1,316,985Fund first reported on Form ADVFundsFactBullpen Avantstay I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Grin I Spv LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $2,319,858Fund first reported on Form ADVFundsFactBullpen Grin I Spv LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2022Bullpen Spv VII LLC first reported on Form ADV by Bullpen Management, LLC (Venture Capital Fund), GAV $12,506,318Fund first reported on Form ADVFundsFactBullpen Spv VII LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 5, 2021Bullpen Capital V, L.P. first reported on Form ADV by Bullpen Management LLC (Venture Capital Fund), GAV $133,486,253Fund first reported on Form ADVFundsFactBullpen Capital V, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 5, 2021Bullpen Liveintent, LLC no longer reported on Form ADV by Bullpen Management LLCFund no longer reportedFundsInferenceBullpen Liveintent, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 5, 2021Duncan Mowbray Davidson (Managing Member) no longer on Schedule A of Bullpen Management LLC
- Feb 14, 2020Bullpen Dde, LLC no longer reported on Form ADV by Bullpen CapitalFund no longer reportedFundsInferenceBullpen Dde, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 14, 2020Bullpen Enspire, LLC no longer reported on Form ADV by Bullpen CapitalFund no longer reportedFundsInferenceBullpen Enspire, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 17, 2019Bullpen Capital IV, L.P. first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $140,061,313Fund first reported on Form ADVFundsFactBullpen Capital IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 17, 2019Bullpen Playoff Fund, L.P. first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $31,047,404Fund first reported on Form ADVFundsFactBullpen Playoff Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2018Richard Wolf Melmon (Managing Member) no longer on Schedule A of Bullpen Capital
- Nov 3, 2016Bullpen Fde, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $5,236,100Fund first reported on Form ADVFundsFactBullpen Fde, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Liveintent, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $2,614,967Fund first reported on Form ADVFundsFactBullpen Liveintent, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Fanduel, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $7,156,521Fund first reported on Form ADVFundsFactBullpen Fanduel, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Capital II, L.P. first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $31,733,378Fund first reported on Form ADVFundsFactBullpen Capital II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Capital, LP first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $63,652,446Fund first reported on Form ADVFundsFactBullpen Capital, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Dde, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $1,042,046Fund first reported on Form ADVFundsFactBullpen Dde, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Enspire, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $900,640Fund first reported on Form ADVFundsFactBullpen Enspire, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Capital III, L.P. first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $64,855,141Fund first reported on Form ADVFundsFactBullpen Capital III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Fdn, LLC first reported on Form ADV by Bullpen Capital (Venture Capital Fund), GAV $828,475Fund first reported on Form ADVFundsFactBullpen Fdn, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 3, 2016Bullpen Capital first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $770M across 18 vehicles
Evidence
53 observations from 3 sources