Paul Martino

Latest from Paul Martino

  • It’s not you, it’s the post-seed gap Crunch Network

    It’s not you, it’s the post-seed gap

    Record numbers of startups are failing to advance from their seed round to Series A. This glitch in the funding ecosystem is older than you may realize. Between 2009 and 2012, if 100 startups raised seed money, an average of just about 30 would secure a Series A, according to a study from Mattermark. For founders, those are rough odds — and they only get tougher over the most recent… Read More

  • A post-seed round is not a bridge Crunch Network

    A post-seed round is not a bridge

    A few times every month I get an email from a CEO or investor that says something like this: “We are seeking a Bridge for our company. Since we already raised our Seed and you do Post-Seed, we thought you would be ideal to speak to about this.” I have concluded there is a lot of confusion over how a post-seed round differs from a bridge round. Read More

  • The Micro VC Shakeout Crunch Network

    The Micro VC Shakeout

    When we started Bullpen Capital in 2011, there were about 30 or so “microVC” or “micro-seed” funds — and we knew them all. Today, four years later, there are likely over 220 micro VC funds and growing. In fact, I joke with my partners that “we will likely get to 400 before we go back to 40.” That line always elicits a nervous laughter, as it captures… Read More

  • Seed Is A Process Crunch Network

    Seed Is A Process

    The seed “round” as a singular event appears to be dying. What used to be a discrete funding round is now more of a rolling, continuous financing process. At Bullpen we say “seed is a process,” and it’s important for entrepreneurs to know how to tailor this process to minimize dilution and maximize survival chances. Read More