New VC firm alert: Bullpen Capital

December 23, 2010, 6:20 PM UTC

Just a quick hit, as I’m busy putting together the daily Term Sheet email:

Bullpen Capital has launched as a Silicon Valley venture firm focused on making follow-on investments in Internet tech companies initially funded by super-angel funds.

It’s a strategy that lots of firms are toying with — the no man’s land between early and expansion-stage companies — but rarely so explicitly. For example, we haven’t yet seen a spin-out group called “Second Round Capital. Tough sledding, given that you’re paying up for companies that haven’t yet proven anything…

The Menlo Park-based group has three principals: Paul Martino (founder and ex-CEO of Aggregate Knowledge), Duncan Davidson (former managing director with with VantagePoint Venture Partners) and Richard Melmon (co-founder of NetService Ventures Group).

According to a regulatory filing, Bullpen Capital is seeking $50 million for its debut fund.