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 500% year-over-year (6 deals in the last 12 months). Their most common stage is series-a (43% of deals). Average disclosed round size is $21.1M (across 26 rounds with reported amounts).
Portfolio
19
Fund Size
$122.8M
Top Stage
Series A
Last 12 Mo
6
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
28 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Rainfall Health | Series A | $15M | Feb 2026 |
 Selector | Series B | $33M | Feb 2026 |
 Rainfall | Series A | $15M | Feb 2026 |
| Rainfall Health | Series A | $15M | Jan 2026 |
 Revenium | Seed | $13.5M | Nov 2025 |
 Gravwell | Series A | $15.4M | Oct 2025 |
 Conceal | Series B | $26M | Oct 2025 |
 QuSecure | Unknown | $28M | Jan 2025 |
 Graphiant | Series B | $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 |
 Tiledb Inc | Series B | $34M | Oct 2023 |
| Graphiant | Series B | $62M | Mar 2023 |
| Tiledb Inc | Series B | $34M | Jan 2023 |
 CIQ | Series A | $26M | May 2022 |
| Selector | Series A | $28M | Mar 2022 |
 Inimmune | Series A | $22M | Feb 2022 |
 Novoron | Seed | $3M | Nov 2021 |
| Elisity | 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 | — |
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Top Co-Investors
Atlantic Bridge6 shared
AllegisCyber Capital3 shared
Sequoia Capital3 shared
SineWave Ventures3 shared
Big Pi Ventures3 shared
Intel Capital3 shared
Nexus Venture Partners3 shared
Gula Tech Adventures2 shared
Ansa2 shared
Singtel Innov82 shared
AT&T Ventures2 shared
Comcast Corporation2 shared
Hyperlink Ventures2 shared
IAG Capital Partners2 shared
Wa'ed Ventures2 shared
Endeavor2 shared
Verizon Ventures2 shared
Lockheed Martin Ventures2 shared
LDV Partners2 shared
NTT DOCOMO Ventures2 shared
Last updated: 20 October 2026