Paul Martino of Bullpen Capital joins Nick to discuss the emergence of the Post-Seed round. In this episode, we cover:

Why Paul passed on joining Mike Maples at Floodgate in order to start Bullpen
The product/market fit algorithm he developed for Mike
If the stages of funding are moving out or if there are just more of them
How Bullpen is differentiated
The metrics they require to engage with startups
How his quant background has helped make this subjective discipline more objective
The hardest aspect of developing new, young VCs
We discuss lack of innovation in the asset class
Why herd mentality is pervasive
Other contrarian principles he and Bullpen embrace
If it's harder to get A or B round funding for the non-traditional founders or industries that he invests in
How Private Equity is impacting exits
the differences in sourcing at post-seed
and we wrap up w/ Paul's thoughts on how branding and investment focus helps drive opportunity for Bullpen

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159. The Pioneer of Post-Seed (Paul Martino)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified