All investors$8MQ2 2026Q1 2025
Two Bear Capital is a venture capital firm in Whitefish, MT. It invests at pre-seed to Series B, it backs companies in AI, Healthcare and Biotech and it leads or co-leads rounds.
Two Bear Capital
Whitefish, MT
Backs Seed and Series A founders in biotech, healthcare IT, AI and security, usually leading or co-leading the round.Source
At a glance
- Stage
- Pre-seed to Series B
- Industry
- AIHealthcareBiotechCybersecurity
- Lead
- Leads or co-leads
- How to pitch
- Application form
What they look for
Two Bear looks for founders building at the intersection of life sciences and technology, in biotechnology, bioinformatics, healthcare IT, machine learning, AI and information security. It typically leads or co-leads and takes an active board seat, primarily investing at Seed through Series A.
Portfolio highlights
Abilita TherapeuticsArch SystemsBinarlyCIQConcealDymiumElisityFyr BioGraphiantGravwellInimmuneLeapfrog BioMontara TherapeuticsNovoronPulseDataQuSecureRainfall HealthReveniumSanavia OncologySelectorTalus BioTileDB
Latest fund
- Fund size
- $123M
Their largest fund closed in the last two years, per SEC filings. This is the fund's size, not a check size.
From SEC filings
Board seats1
FYR Diagnostics, Inc.
Missoula, MT · Biotechnology
company round · Q3 2024
Companies where one of their partners holds a board or officer seat. Typical round: $5M to $20M. Amounts are the company's whole round, not this investor's check.
Named on filings1
MICHAEL GOGUEN
Promoter
Last filed 27 May 2026
Funds
TWO BEAR CAPITAL FUND II, LP
$123M closed from their investors
TWO BEAR CAPITAL FUND II, LP
Fund filings by quarter
Q3 2024Q2 2026
SourcesLast updated 29 September 2026
Told us whether they lead, how they take pitches, how to apply, the stage they invest at, the one-line description above and what they look for. Checked 23 September 2026.
Told us their logo and their portfolio. Checked 23 September 2026.
Told us what they invest in. Checked 23 September 2026.
Website
Confirmed as theirs on 22 September 2026.
SEC Form D, 2 filings
Funds, partners and board seats. Filed between 3 January 2025 and 27 May 2026.