How many investments has Two Bear Capital made?

Two Bear Capital has 28 tracked investments, including 7 dated in the last 24 months.

What stage does Two Bear Capital invest at?

Two Bear Capital invests at the Pre-Seed, Seed, Series A, Series B stages.

What is Two Bear Capital's typical check size?

Two Bear Capital typically writes checks of $3M – $10M.

Where is Two Bear Capital located?

Two Bear Capital is headquartered in Whitefish, US.

Does Two Bear Capital lead rounds?

Yes, Two Bear Capital leads investment rounds.

Who does Two Bear Capital co-invest with?

Two Bear Capital most often shares deals with AllegisCyber Capital, Atlantic Bridge Ventures, Gula Tech Adventures, among 39 tracked co-investors.

Two Bear Capital

Venture capitalActively deploying

Whitefish · Pre-Seed–Series B · 35 people tracked

★ Follow + Add to CRM ⤳ Find an introduction

Find your way into Two Bear Capital

2,499 people in our graph share verified history with the Two Bear Capital team — schools, employers, funds. One of them is your warm intro.

Mike Volpiunlockedknows Tim Veil · together at Cockroach Labs (overlapped)

×3knows the team · via Cockroach Labs

knows the team · via Hortonworks

knows the team · via Emerson Collective

×5knows the team · via SOSV

knows the team · via Bank of America Merrill Lynch

✨ Fox Verdict

Investment thesis

Two Bear Capital invests in founders with breakthrough ideas aimed at solving urgent and complex problems by leveraging both life sciences and technology. The firm focuses on disruptive sectors where these two domains intersect, seeking opportunities where scientific and technological breakthroughs can scale. Its team is composed of investors, operators, and advisors with deep domain expertise across technology and life sciences. Two Bear Capital emphasizes partnering closely with founders to help transform ambitious ideas into enduring, transformative companies capable of delivering impact on a world-changing scale.

Invests inAI & Machine Learning Biotech Cybersecurity Data & Infrastructure Deep Tech Digital Health Healthtech Longevity Canada North America United States

Source: firm website, verified Aug 3, 2026.

Stage

Pre-Seed–Series B

Check

$3M – $10M

Whitefish, Montana, US

Leads rounds

Leads

Instruments

Equity

Founded

2019

Last 12 months

5 investments

Tracked investments

Team · 35 people

from the firm's website & public directories

J. Seth Strattan· General Partner· Menlo Park, California, United Statesin

J. Seth Strattan pairs a PhD in structural biology with engineering and data-science leadership on ENCODE and the Human Cell Atlas, evaluating computational genomics companies by biology and software architecture.

s•••@twobearcapital.comreveal

Kevin Day· Partner, Head of Capital Formation· New Yorkin

Kevin Day leads capital formation at Two Bear Capital, working to bring long-term investors into the firm's base. He previously headed capital formation at SOSV and worked at Pluribus Labs, Systematica Investments, and BlackRock, holding MBAs from London Business School and Columbia Business School.

Kristen Getchell· Partner, Head of Platform· Wellesley Hills, Massachusetts, United Statesin

Meagan Hennig· Partner, Head of Operations· San Diegoin

Partner and Head of Operations at Two Bear Capital, overseeing financial management and portfolio services. She began her career at Sequoia Capital and has over a decade of experience with early-stage companies; she holds a degree from Princeton and an MS from UC San Diego.

Neil White· Partner· San Francisco Bay Areain

Neil White pairs Wall Street experience with oncology investing—deploying ~$100M across 12 cancer companies—and connects a Montana-rooted firm to Silicon Valley AI life‑sciences, focusing on cell and gene therapies.

Cris Neckar· Partner· Whitefish, Montana, United Statesin

Cris Neckar, a hacker and security researcher with nearly two decades' experience, applies exploit-development and vulnerability-discovery concepts to target disease pathways and partners with technical founders in precision medicine and AI-driven oncology.

c•••@twobearcapital.comreveal

Michael Goguen· Managing Partner· Montanain 𝕏

Mike Goguen leverages Silicon Valley experience to build Montana's biotech cluster, led a Series A for Inimmune, gifted millions and land for the Whitefish Trail, and runs Two Bear Air.

m•••@twobearcapital.comreveal

Amalia Colangelo· Principal· Menlo Park, California, United Statesin

Amalia Colangelo leads investments in next‑generation drug discovery platforms, applying a Harvard PhD in single‑cell genomics and high‑throughput imaging plus NGO experience tackling maternal health in Nigeria.

Rachel Tsunemoto Hislop, PhD· Principal, Director of Research· San Diego, California, United Statesin

Rachel Tsunemoto Hislop pairs UC San Diego stem-cell and developmental neurobiology research and Acorda medical affairs experience with leading San Diego research team that produces formal, data-driven insights across research-to-commercialization

r•••@twobearcapital.comreveal

Avery Sonnenberg· Principal· Montanain

Avery Sonnenberg, based in Montana, pairs a PhD in bioengineering and Becton Dickinson experience with deep biology and devices expertise and hands-on support across therapeutics, diagnostics, tools and medical devices.

a•••@twobearcapital.comreveal

Tim Veil· Principal· Atlanta Metropolitan Areain

Tim Veil is a hands-on software engineer and CIO who writes code daily, builds custom data pipelines and AI tooling, bringing data-infrastructure experience from StarTree/Apache Pinot, Cockroach Labs and Hortonworks.

t•••@twobearcapital.comreveal

John Sullivan· Venture Partner· Boston, Massachusettsin

Boston-based John Sullivan leverages 25+ years in healthcare and life sciences research (former Leerink Director of Research) to advise biotech founders on Seed and Series A fundraising and positioning.

Mark Adams· Venture Partner· New York, New Yorkin 𝕏

Mark Adams is a Partner at Two Bear Capital focused on artificial intelligence, life sciences, and cybersecurity investments. He brings more than 25 years of experience in bioinformatics and data analytics, including roles as Chief Information Officer at Good Start Genetics and Celmatix, where he led technology and informatics functions. Previously, he designed data warehouses incorporating natural language processing and machine learning at Bridgewater Associates and built a bioinformatics consulting practice to 80 employees at Booz Allen Hamilton.

m•••@twobearcapital.comreveal

Ashley Archibeque· Executive Assistant· Whitefishin

Executive Assistant to Two Bear Capital's Founder and Managing Partner Mike Goguen, supporting executive office operations. She has over a decade of experience supporting senior executives, including Chief of Staff and Executive Operations Manager roles at Sentral, plus seven years in financial marketing and analytics, and holds a BS in Finance from Regis University.

Bria Iuliano· Executive Assistant· New Yorkin

Bria Iuliano is the Executive Assistant to the Operating Partners at Two Bear Capital, with a career supporting C-suite executives at companies including Engine, Groupon, and Juniper Pharmaceuticals. She holds a BA in Communication and Culture from Indiana University Bloomington.

Bridget Martell MA, MD· Senior Biopharmaceutical Advisor· Guilford, Connecticut, United Statesin

Bridget Martell is a physician-scientist and biotech executive who serves as founder and managing director of BAM Consultants, LLC, providing clinical and commercial advisory services to biopharmaceutical companies. She has held chief medical officer roles at Kura Oncology and Juniper Pharmaceuticals, and served as CEO of Artizan Biosciences, a Yale University precision medicine spin-out. Dr. Martell has contributed to the development and approval of seven marketed medicines and has advised on over $3 billion in M&A and licensing transactions; she also serves as an independent board director and venture investor providing clinical due diligence for early-stage life science investments.

Ellen Lubman· Biopharmaceutical Advisor

Ellen Lubman, MBA· Biopharmaceutical Advisor

Erika Bolden· Operations Manager· San Diegoin

Erika Bolden is an Operations Manager at Two Bear Capital, handling day-to-day operations, budgets, and internal processes while supporting leadership with planning and execution. She holds a BA in Philosophy from DePaul University.

James Allison· Nobel Laureate, Chair of Immunology, MD Anderson Cancer Center, University of Texas

James Allison, PhD· Nobel Laureate, Chair of Immunology, MD Anderson Cancer Center, University of Texas

Jeff Miller· Operating Partner, Enterprise· Boca Raton, Florida, United Statesin

Jennifer Howrigan· VP, Investor Relations· New Yorkin

Jennifer Howrigan is VP of Investor Relations at Two Bear Capital, focused on serving existing investors. She previously led investor relations and business development at Warana Capital, was a director at Oakpoint Advisors, and spent seven years in various roles at Raptor Group.

Jim Caggiano· Chief Executive Officer, Evolve Biologics· Orange County, California, United Statesin

CEO of Evolve Biologics with nearly 30 years of experience across biotech, pharmaceutical and medical device industries, including former CEO roles at Dendreon Pharmaceuticals. He holds a degree from Cornell University and an MBA from Northwestern's Kellogg School of Management.

Joe Pinto· Chief Customer Experience Officer, Pure Storage· San Francisco Bay Areain

Joe Pinto is Chief Customer Experience Officer at Pure Storage, focused on digital-first automation, advanced services, and customer success. He previously spent 28 years at Cisco, most recently as a Senior Vice President overseeing multiple service businesses, and is involved with several startups as an advisor and board member.

John Delaney· Senior Biopharmaceutical Advisor· Bellevue, Washington, United Statesin

John Delaney, PhD· Senior Biopharmaceutical Advisor

Lavinia Platerink· Associate· Berkeley, California, United Statesin

Lavinia Platerink is an Associate at Two Bear Capital, where she conducts technology research with a focus on artificial intelligence, quantum computing, and cybersecurity.

Linda Jahn· Executive Assistant· Menlo Parkin

Executive Assistant supporting the Two Bear Capital team in Menlo Park, working on operational and portfolio initiatives. Previously an EA at HFI Advisors and worked at DTCP, Deutsche Telekom's venture arm, with earlier experience in the medical and architecture sectors.

Liz Marchi· Head of Community Engagement· Whitefishin

Liz Marchi leads community engagement and partnerships at Two Bear Capital, focused on expanding access to equity capital for startups in nontraditional locations. She previously founded and ran Montana-based Frontier Angels for 12 years, seeding over $20 million in early-stage capital, and is a graduate and former Trustee of Hollins College.

Nikki Johns· VP, Talent Acquisition· Whitefish, Montana, United Statesin

Nikki Johns is Head of Talent Acquisition at Two Bear Capital, where she supports portfolio companies in building scalable teams across biotech, biopharma, cybersecurity, and machine learning/AI sectors.

Padmanee “Pam” Sharma· Professor of Genitourinary Medical Oncology and Immunology, MD Anderson Cancer Center, University of Texas

Padmanee "Pam" Sharma, M.D., PhD· Professor of Genitourinary Medical Oncology and Immunology in the Division of Cancer Medicine, MD Anderson Cancer Center, University of Texas

Zander Mykytiuk· Operating Associate· New York, New York, United Statesin

Zander Mykytiuk is a Senior Analyst at Two Bear Capital focused on biotech and healthtech investments. He has prior experience in management consulting, biomedical research, and venture capital, with expertise in clinical and commercial strategy, competitive intelligence, and due diligence across multiple therapeutic areas and global pharmaceutical markets.

Jenna Aronson· Associate· Massachusettsin

PhD neuroscientist-turned-investor who leverages hands-on neurodegeneration and brain/cancer platform research at MassGeneral/Harvard and MIT's McGovern Institute to advise early-stage therapeutics companies on experimental design, data quality, and MIT spinouts mentoring.

j•••@twobearcapital.comreveal

What they invest in

from 26 of 28 portfolio companies

AI & Machine Learning ×13Biotech ×12Deep Tech ×8Data & Infrastructure ×7Enterprise Software ×7Healthtech ×7Cybersecurity ×6Cloud Computing ×4

HQs:United States×21

Who they back

founder profiles across 16 portfolio companies

50%

solo founders

8 of 16 mapped founding teams

33%

repeat founders

of 24 founders with career history

~6 yrs

old at investment

median across 12 dated deals

Founding team size:solo founder×82 founders×64+ founders×2

Where their founders studiedfrom 17 founders with education data

University of Idaho ×2Willamette University ×2

What their founders studiedfrom 23 founders with field-of-study data

Life Sciences ×7Computer Science ×5Chemistry ×4Engineering ×4Physics ×3Business & Management ×2Economics ×2Mathematics & Statistics ×2

Where their founders worked beforefrom 24 founders with career history

Stanford University ×4University of Montana ×4Broad Institute ×2GSK ×2Juniper Networks ×2Sandia National Laboratories ×2

13 founders hold a PhD · 1 hold an MBA (of 23 with degree data)

Investments · 28 tracked

founders shown can be your intro path

By year:2026 · 2 2025 · 5 2024 · 5 2023 · 1 2022 · 4 2021 · 2 2020 · 1 2015 · 121 dated

CIQciq.com in 𝕏May 2022 · $26M✓ verified

CIQ is an enterprise infrastructure software company that builds and supports the Linux, HPC, and AI infrastructure stack from the kernel to the orchestrator, serving enterprises, research institutions, and government agencies.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsReno, US

Gregory Kurtzer(Founder & CEO)in Bjorn Hovland(President)in Peter Nelson(Chief Technology Officer)inMarlin Prager(CFO)in

Co-investorsRho Capital Partners Rho Ventures

Inimmuneinimmune.com in 𝕏Series A · Jul 2020 · $22M✓ verified

Inimmune is a clinical-stage biotech company developing immunotherapies for allergy, cancer, infectious, and autoimmune diseases.

AI & Machine LearningBiotechDeep TechHealthtechWhitefish, US

Jay Evans in David Burkhart inHelene Bazin-Leein Kendal Ryter inalan joslynin

Sanavia Oncologysanavia.bio in✓ verified

Sanavia discovers novel cancer-specific epitopes using proprietary immunization technology and AI to enable more effective antibody therapies for oncology.

AI & Machine LearningBiotechDigital HealthHealthtechMedical Devices

Arch Systemsarchsys.io in 𝕏Jul 2022 · $15M

Arch builds agentic AI that acts as a virtual factory expert, analyzing manufacturing data to identify root causes and give operators, engineers, and shift leaders prescriptive next steps in real time.

Advanced ManufacturingAI & Machine LearningIoTPalo Alto, US

Andrew Scheuermann(CEO & Co-founder)in Tim Burke(CTO & Co-founder)inJennifer Davis(Chief Operating Officer)inBen Freeman(SVP of Engineering)inGus Shahin(Director)

Board seatMichael Goguen· per SEC Form D

Co-investorsCapmont Comet Labs HCVC Merus Capital Neotribe Ventures Team Builder Ventures +2 more

Elisityelisity.com in 𝕏Series A · Mar 2024 · $37M

Elisity provides an identity-based microsegmentation platform that turns existing network infrastructure (Cisco, Arista, Aruba, Juniper switches and Palo Alto firewalls) into policy enforcement points to discover devices and enforce least-privilege access without agents, new hardware, or re-IPing.

CybersecurityEnterprise SoftwareIoTSaaSSan Jose, US

Brian Thompson(Executive Officer)in James Winebrenner(Executive Officer, Director)in

Board Brian Long(Director)in Spencer Tall(Director)in Stephen Ward(Director)in

Board seatMichael Goguen· per SEC Form D

Co-investorsAllegisCyber Capital Atlantic Bridge Ventures Insight Partners Rain Capital ALLEGIS CAPITAL

FYR Diagnosticsfyrdiagnostics.com in 𝕏Aug 2024

BiotechMissoula, US

Brian Conway(Executive Officer)inChristopher Booth(Executive Officer, Director)Sarjubhai Patel(Executive Officer, Director)

Board seat Avery SonnenbergMichael Goguen· per SEC Form D

Novoronnovoron.com in 𝕏Dec 2022 · $3M

Novoron develops lipoprotein-receptor small molecule therapies aimed at repairing damage and degeneration of the brain and spinal cord, including treatments for proteinopathies and neuroregeneration following traumatic injury.

BiotechDeep TechHealthtechMedical DevicesSan Diego, US

Travis Stiles(CEO & Co-founder)inShawn Gahr(COO & Co-founder)inDavid Weiner(Executive Chairman)Ryan McMillian(CFO & Financial Strategy)

Board seatMichael Goguen· per SEC Form D

Co-investorsBackstage Capital

PULSEDATApulsedata.io inApr 2021

PulseData builds patented machine learning and AI predictive analytics models that help healthcare organizations identify chronic diseases earlier and predict disease progression, with a focus on kidney disease and end-stage renal disease.

AI & Machine LearningDigital HealthHealthtechNew York, US

Hai Po Sun(Co-founder)in Teddy Cha(Co-Founder)in Hai Po inDean Panovich(Chief Executive Officer)in

BoardDANIELLE WANG(Director)

Board seatMichael Goguen· per SEC Form D

Co-investorsBlue Collective Milkbox Partners Red Dog Capital Andreessen Horowitz Bloomberg Beta Tiger Global Management

R2 Semiconductorr2semi.comAug 2015SEC filingmedium confidence

R2 Semiconductor develops power management semiconductor technology, including envelope tracking for RF power amplifiers and core power management for multi-core application processors and digital SoCs.

Deep TechHardwareIoTSemiconductorsSunnyvale, US

DAVID FISHER(Executive Officer, Director)ANDREW HARTLAND(Executive Officer)

BoardFAHRI DINER(Director)ROBERT SCHWARTZ(Director)BOB PAVEY(Director)RICHARD GOLD(Director)

Board seat Michael Goguen· per SEC Form D · $10M raise · filed Aug 2015

Co-investorsThird Point Ventures Sigma Prime Ventures, Llc

TileDBtiledb.com in 𝕏Series A · Sep 2023 · $15M

TileDB builds a database platform for organizing, cataloging, and analyzing large-scale data across organizations.

AI & Machine LearningBiotechCloud ComputingData & InfrastructureEnterprise SoftwareCambridge, US

Stavros Papadopoulos(Executive Officer, Director)inSamuel Madden(Director)in

Board Abhishek Sharma(Director)in

Board seatMichael Goguen· per SEC Form D

Co-investorsAlleyCorp Big Pi Ventures Intel Capital NTT DOCOMO Ventures S Ventures SAV (Scale Asia Ventures)+2 more

Abilita Therapeuticsabilitatx.com in

Abilita Therapeutics is a drug discovery company focused on membrane protein targets, using its EMP (Enabled Membrane Proteins) technology based on directed evolution to create stability- and expression-enhanced protein variants for discovering and optimizing drug candidates.

BiotechDeep TechSan Diego, US

Mauro Mileni(Founder & Chief Executive Officer)inMatthew Ritter(Chief Business Officer)Jim Schmidt(Chief Financial Officer)Arshan Amiri(General Counsel)

Abilitabioabilitabio.com

Abilita Therapeutics is a drug discovery company built on its EMP (Enabled Membrane Proteins) technology, which uses directed evolution to create stability- and expression-enhanced membrane protein variants.

BiotechDeep Tech

Bain Capital Private Equitybaincapitalprivateequity.com in 𝕏Apr 2021 · $16.5M

Bain Capital Private Equity is an investment firm operating a private equity portfolio, with an investor portal for account holders.

Boston, US

Co-investorsBain Capital Double Impact Fund LP Bain Capital Life Sciences Bain Capital Tech Opportunities Bain Capital Venture

Binarlybinarly.io in 𝕏Seed · Mar 2024 · $11M

Santa Monica, US

Alex Matrosov(Founder)

Co-investorsCanaan Partners StoneMill Ventures

Concealconceal.io in 𝕏Oct 2025 · $26M

Conceal builds browser-based security that moves enforcement into the browser runtime and application layer, binding application access to identity rather than network location.

CybersecurityEnterprise SoftwareSaaSAugusta, US

Craig Whetstone(Executive Officer)inEric Cornelius(Director, Executive Officer)inGordon Lawson(Executive Officer, Director)inRonald Kolson(Executive Officer)

Board Spencer Tall(Director)in Ron Gula(Director)in

Co-investorsAllegisCyber Capital Gula Tech Adventures RRE Ventures

Dymiumdymium.io inSeed · Mar 2024 · $7M

Dymium is a data-centric, zero-trust platform that governs access to enterprise data in real time, applying identity-, role-, and context-based policies before data is returned.

AI & Machine LearningCybersecurityData & InfrastructureLos Gatos, US

Valentyn Kamyshenko(Founder)in

Co-investorsSINEWAVE VENTURES

Fyr Biofyr.bio in 𝕏

FYR develops a platform to analyze extracellular vesicles from blood samples and generate multiomics insights for disease understanding and personalized treatment selection.

AI & Machine LearningBiotechMedical Devices

Graphiantgraphiant.com in 𝕏Series A · May 2025 · $62M

Graphiant provides a software-based, unified network platform for connecting AI, cloud, SaaS, B2B, and branch environments.

Cloud ComputingData & InfrastructureEnterprise SoftwareSan Jose, US

Stefan Olofsson(Founder)in

Co-investorsHarpoon Ventures MVP Ventures Atlantic Bridge Ventures IAG Capital Partners Sequoia Capital Wa'ed Ventures

Gravwellgravwell.io inOct 2025 · $15.4M

Gravwell is a security data platform that collects, stores, and analyzes unstructured logs and large data volumes in raw format without enforcing predefined schemas.

CybersecurityData & InfrastructureEnterprise Software

Kristopher Watts(Founder)in

Co-investorsGula Tech Adventures Innosphere Ventures Kickstart Next Frontier Capital

Gula Tech Adventuresgula.tech 𝕏Oct 2025 · $15.4M

Gula Tech Adventures invests in and supports cybersecurity companies, combining venture investments with philanthropy and cyber advocacy.

Cybersecurity

Ron Gula(Co-founder)in Cyndi Gula(Co-founder)in

Co-investorsInner Loop Capital Gula Tech Adventures

Leapfrog Bioleapfrog.bio in

Leapfrog Bio is an oncology therapeutics company that uses its Precision PGx Platform to identify and develop targeted cancer treatments, focusing on patients with loss-of-function mutations through synthetic lethality and pharmacogenomic screening.

AI & Machine LearningBiotechDeep TechHealthtechMedical Devices

Tomas Babak(Founder and CSO)in

Montara Therapeuticsmontaratx.com in

Montara is a biotech company developing small-molecule therapeutics focused on neurodegeneration and diseases such as Alzheimer's.

AI & Machine LearningBiotechDeep TechSan Francisco, US

Kevan Shokat(Co-Scientific Founder & Chairman of the SAB)Thomas Südhof(Co-Scientific Founder & SAB Member)Seth Stratton(Director)Dirk Langdorf(Director)Nicholas Hertz(Executive Officer, Director)

Co-investorsBEVC Dolby Family Ventures SV Health Investors Dementia Discovery Fund KdT Ventures

QuSecurequsecure.com in 𝕏Feb 2025 · $28M

QuSecure provides a cryptographic management platform that discovers, remediates, and reports on encryption across cloud, on-premises, and legacy systems.

Crypto & Web3CybersecurityEnterprise SoftwareQuantum ComputingSan Mateo, US

Rebecca Krauthamer(Founder)in Dave Krauthamer(Founder)in

Co-investorsKickstart Innovation Techstars Accenture Ventures Band of Angels

Rainfall Healthrainfallhealth.com

Rainfall Health provides a compliance and reimbursement-modeling platform built for the CMS TEAM Model, helping hospital CEOs and CFOs quantify and capture TEAM incentives across surgical episodes and the mandatory 30-day post-discharge window.

Digital HealthHealthtechSaaS

Ahmed 'Eddie' Qureshi(Founder)in

Reveniumrevenium.ai inSeed · Apr 2026 · $13.5M

Revenium provides real-time attribution and cost monitoring for AI spend, breaking down every model call, agent turn, and tool call by team, customer, feature, and agent.

AI & Machine LearningCloud ComputingData & InfrastructureFintechSaaS

John(Co-founder (Architecture Lead))inJason(Co-founder (Product Strategy))in

Co-investorsWestWave Capital

Selector AIselector.ai in 𝕏Feb 2026 · $32M

Selector builds an AI-driven observability platform that helps operations teams understand and manage complex infrastructure through natural language interaction and contextual intelligence.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSanta Clara, US

Kannan Kothandaraman(Founder)in Nitin Kumar(Founder)in

Co-investorsAnsa Capital Atlantic Bridge Ventures Azure Capital Partners Comcast Ventures SINEWAVE VENTURES Atlantic Vantage Point +2 more

Talus Biotalus.bio in 𝕏Jul 2024

Talus develops a proprietary platform that measures and modulates the regulome—the body's gene expression control system—in native cellular contexts.

AI & Machine LearningBiotechDeep TechHealthtechSeattle, US

Alex Federation(Founder)in Lindsay Pino(Founder)inAlex Federation, Ph.D.(Chief Executive Officer & Co-Founder)Lindsay Pino, Ph.D.(Chief Technology Officer & Co-Founder)

Board Omri Amirav-Drory(Director)in J. Seth Strattan(Director)in

Co-investorsFarvatn Venture Fifty Years FundersClub Jude Gomila NFX Y Combinator +1 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Abilita Bio

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Portfolio news

latest coverage across their companies

Montara Therapeutics Receives Research Grant from The Michael J. Fox Foundation to Advance Parkinson’s Disease Program

Montara Therapeutics · finance.yahoo.com · Jun 2, 2026

Selector Raises $32M in Funding

Selector AI · finsmes.com · Feb 18, 2026

Rainfall Health Raises $15M in Series A Funding

Rainfall Health · finsmes.com · Feb 18, 2026

Novoron Bioscience Awarded $2.5 Million NIH/NIA SBIR Grant to Accelerate Alzheimer's Drug Discovery with Human Brain Organoids - BioSpace

Novoron · biospace.com · Jan 7, 2026

Revenium Closes $13.5 Million Seed Round Funding Led by Two Bear Capital with Participation from WestWave Capital

Revenium · prnewswire.com · Nov 20, 2025

Gravwell raises $15.4m to power data security growth

Gravwell · fintech.global · Oct 22, 2025

Conceal secures $26m Series B to advance browser security

Conceal · fintech.global · Oct 17, 2025

Frequently asked questions

How many investments has Two Bear Capital made?: Two Bear Capital has 28 tracked investments, including 7 dated in the last 24 months.
What stage does Two Bear Capital invest at?: Two Bear Capital invests at the Pre-Seed, Seed, Series A, Series B stages.
What is Two Bear Capital's typical check size?: Two Bear Capital typically writes checks of $3M – $10M.
What sectors does Two Bear Capital focus on?: Two Bear Capital focuses on AI & Machine Learning, Biotech, Cybersecurity, Data & Infrastructure, Deep Tech, Digital Health, Healthtech, Longevity.
Where is Two Bear Capital located?: Two Bear Capital is headquartered in Whitefish, US.
Does Two Bear Capital lead rounds?: Yes, Two Bear Capital leads investment rounds.
Who does Two Bear Capital co-invest with?: Two Bear Capital most often shares deals with AllegisCyber Capital, Atlantic Bridge Ventures, Gula Tech Adventures, among 39 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Members Talk - Mike Goguen - Founder & CEO, Two Bear Capital

FII Institute · Mike Goguen

Hello Whitefish - Cris Neckar - Hacking life / Two Bear Capital (Episode 14)

Hello Whitefish · Cris Neckar

Two Bear Capital: Why Montana, Why Now? Transformational Opportunities in Life Science w Mike Goguen

Montana High Tech Business Alliance · Mike Goguen

Images

Co-investors · 28

Atlantic Bridge Ventures

Atlantic Bridge is a global growth equity technology firm investing in technology companies across Europe and the US, with multiple funds under management and a dedicated University Bridge Fund for early-stage deeptech.

Both backed · 3

Elisity Graphiant Selector AI

$1M – $5M

AllegisCyber Capital

AllegisCyber Capital is a venture capital firm focused exclusively on cybersecurity investments, emphasizing deep domain expertise and operating experience.

Both backed · 2

Conceal Elisity

$3M – $5M

Andreessen Horowitz

Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.

Both backed · 1

PULSEDATA

$500K – $50M

Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies.

Both backed · 1

Graphiant

$4.4M – $214M

Insight Partners

Insight Partners is an investment firm focused on accelerating revenue and profit growth in software companies, providing capital and operational support through its Insight Onsite team.

Both backed · 1

Elisity

$120M – $350M

Canaan Partners

Canaan Partners is a venture capital firm with over 30 years of history, backing companies across technology and healthcare sectors through close, hands-on partnerships with founders.

Both backed · 1

Binarly

$500K – $20M

Third Point Ventures

Third Point Ventures is the venture capital arm of Third Point LLC, backing technology founders across the full corporate lifecycle and offering guidance, coaching, and connections.

Both backed · 1

R2 Semiconductor

WestWave Capital

WestWave Capital is an early-stage venture firm run by former entrepreneurs that backs AI-native and deep-tech founders building enterprise software, investing at inception before consensus.

Both backed · 1

Revenium

Greylock Partners

Greylock Partners is an early-stage venture capital firm that partners with founders building companies from inception. Its partners make only one or two new investments per year to focus deeply on each partnership.

$100K – $200M

Menlo Ventures

Menlo Ventures is an early-stage venture capital firm backing transformative technology companies, with a strong current emphasis on artificial intelligence across enterprise, healthcare, and consumer markets.

$1M – $20M

Sapphire Ventures

Sapphire Ventures partners with expansion-stage enterprise software companies, aiming to help them become category leaders. Its Platform team of operators supports portfolio companies with customer introductions, go-to-market talent, and growth advisory.

$5M – $20M

Battery Ventures

Battery Ventures is a global investment firm that has backed more than 450 companies over its 40-year history, operating its investment staff as a single global unit.

$500K – $100M

▶16 more co-investors

Liquid Ventures Nexus Venture Partners Accomplice Wing Unusual Ventures Tenaya Capital Cisco Investments Walden International Evolution Equity Partners S3 Ventures Acrobator Ventures Morgenthaler Dag Ventures Lumia Capital Emerald Technology Ventures Ag Digital Horizon VC

Firms observed investing alongside Two Bear Capital, from public investor directories. Shared companies are the overlap with Two Bear Capital's recorded portfolio.

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