Two Bear Capital is an early-stage venture capital firm founded in 2019 by Mike Goguen, a 20-year veteran of Sequoia Capital. The firm invests in founders with breakthrough ideas at the intersection of life sciences and technology, with a home base in Whitefish, Montana and offices in Menlo Park, San Diego, Boston, and New York.
Deal activity increased 150% year-over-year (5 deals in the last 12 months). Average disclosed round size is $21.3M (across 21 rounds with reported amounts).
Portfolio
19
Fund Size
$122.8M
Top Stage
Series A
Last 12 Mo
5
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
25 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Rainfall Health | Series A | $15M | Feb 2026 |
 Selector | Series B | $33M | Feb 2026 |
 Revenium | Seed | $13.5M | Nov 2025 |
 Gravwell | Series A | $15.4M | Oct 2025 |
 Conceal | Series B | $26M | Oct 2025 |
 Graphiant | Unknown | $19M | Jan 2025 |
| SSelector AI | Series B | $33M | Nov 2024 |
 Talus Bioscience | Seed | $11.2M | Aug 2024 |
 Dymium | Seed | $7M | Mar 2024 |
 Elisity | Series B | — | Jan 2024 |
| EElisity, Inc. | Series B | — | Jan 2024 |
| TTiledb Inc | Series B | $34M | Oct 2023 |
| Graphiant | Series B | $62M | Mar 2023 |
 TileDB | Series B | $34M | Jan 2023 |
 CIQ | Series A | $26M | May 2022 |
 Inimmune | Series A | $22M | Feb 2022 |
 Novoron | Seed | $3M | Nov 2021 |
| Elisity | Series A | — | Jun 2021 |
| EElisity, Inc. | Series A | — | Jun 2021 |
 PULSEDATA | Series A | $16.5M | Jan 2021 |
| Graphiant | Series A | $33.5M | Dec 2020 |
| Inimmune | Series A | $22M | Jul 2020 |
 Binarly | Unknown | $10.5M | — |
 Montara Therapeutics | Seed | $8M | — |
| Novoron | Grant | $3M | — |
Top Co-Investors
Atlantic Bridge6 shared
AllegisCyber Capital5 shared
Sequoia Capital3 shared
Insight Partners3 shared
Gula Tech Adventures2 shared
SineWave Ventures2 shared
Singtel Innov82 shared
AT&T Ventures2 shared
Hyperlink Ventures2 shared
IAG Capital Partners2 shared
Wa'ed Ventures2 shared
Verizon Ventures2 shared
Big Pi Ventures2 shared
Lockheed Martin Ventures2 shared
Intel Capital2 shared
LDV Partners2 shared
Nexus Venture Partners2 shared
NTT DOCOMO Ventures2 shared
Amgen Ventures2 shared
AlleyCorp2 shared
Last updated: 8 September 2026