What If Ventures is a venture capital firm based in Frisco, Texas, founded in 2020 by Stephen Hays. The firm began as a passion project funding mental health startups and has since scaled to over $100mm AUM, investing in disruptive healthcare, mental health, addiction, and defense technology startups from seed to pre-IPO.
32% of their portfolio is in Healthcare. They made 2 investments in the last 12 months. Average disclosed round size is $36.9M (across 18 rounds with reported amounts).
Portfolio
17
Fund Size
$100M
Top Stage
Seed
Last 12 Mo
2
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
19 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Corvus | Series C | $15M | Aug 2026 |
 THEA | Series B | $100M | May 2026 |
 Grayce | Series A | $10.4M | Jun 2024 |
 Cromatic | Seed | $5.3M | Jan 2023 |
 Bionaut Labs | Series B | $43.2M | Nov 2022 |
 Allocations | Seed | $5M | Sep 2022 |
 AptiHealth | Series B | $50M | Nov 2021 |
 Reliable Robotics | Series C | $100M | Oct 2021 |
 Miresource | Seed | $3M | Aug 2021 |
 Ksana Health | Seed | $2M | Jun 2021 |
 Mindstrong | Series C | $100M | May 2020 |
 Mindstrong Health | Unknown | $100M | Jan 2020 |
| Mindstrong | Unknown | $100M | Jan 2020 |
| RRaven Space Systems | Pre-Seed | $2M | — |
 Maximus | Series A | $10M | — |
 Maximus | Series A | $10M | — |
| Maximus | Seed | $5M | — |
 Psilera Bioscience | Seed | $2.5M | — |
| EEllipsis Health, Inc. | Series A | — | — |
Top Co-Investors
Gaingels7 shared
8VC5 shared
General Catalyst4 shared
ARCH Venture Partners3 shared
Bezos Expeditions3 shared
Optum Ventures3 shared
Alumni Ventures3 shared
Correlation Ventures3 shared
10X Capital3 shared
Khosla Ventures2 shared
Stanford's StartX Fund2 shared
Able Partners2 shared
Unshackled Ventures2 shared
Shrug Capital2 shared
ONEVC2 shared
Calm Ventures2 shared
OurCrowd1 shared
Dolby Family Ventures1 shared
Sixty Degree Capital1 shared
Deep Insight1 shared
Last updated: 7 October 2026