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 startup 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

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