NEW YORK (TheStreet) -- There is indeed a bubble emerging with pre-IPO technology companies, says Paul Martino, managing director of venture capital firm Bullpen Capital. But don't look for it so much in well-known companies like Uber and Lyft.

"Uber['s] and Lyft's revenues are growing so rapidly, you can at least make an argument for those kinds of prices," Martino said. "We see the bubble way more on the enterprise side than on the consumer side, which is the opposite of the bubble in '99."

At last report, Uber's valuation topped $50 billion after a mere six years in existence. And while some might think success stories like that of the taxi-hailing app company would make it easier for venture capital players like Martino to raise and invest funds, he said it's a mixed blessing.

The number of "small funds like ours -- sub-$100 million -- went from 20 of us to 225 of us over the past decade," Martino said. "That makes it both easy and hard to some extent because at 225 firms you have to really show differentiation. And our thesis, for example, around gaming and fantasy sports has really been a differentiator."

Martino, who scored as an angel investor with companies like TubeMogul (TUBE) and Zynga (ZNGA) before starting Bullpen, was referring to Bullpen's $18 million investment in FanDuel, an online company that lets fantasy sports players win cash.

"The company has been growing consistently at a three- to four-[times] clip year over year," Martino said of FanDuel. "We're sitting on doing about $60 to $70 million last year, and I think you'll see us do three [times] that this year."

Yet since the sites of companies like FanDuel and its rival, DraftKings, can involve a type of online gaming, legal and addiction problems might be a concern for investors.

But Martino said fantasy sports firms fall under a different regulatory framework than other kinds of online gaming -- thanks to an act of Congress in 2006. "FanDuel operates under a very clear exemption of U.S. law," he said, adding that still "we have to comply with all sorts of regulations about Know Your Customer" and "I, as a board member, have to go through anti-money laundering regulations."

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