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Two Bear Capital

North America, Montana, United States, Whitefish

Description

Two Bear Capital is a venture capital firm based in Whitefish, Montana, established in 2019. The firm is dedicated to investing in early-stage companies that are developing disruptive innovations across critical sectors. With a strong emphasis on technology and life sciences, Two Bear Capital seeks out opportunities where groundbreaking solutions can address significant market needs and generate substantial value. The firm successfully raised $140 million for its inaugural fund, signaling its commitment to empowering the next generation of innovative enterprises.

The investment strategy of Two Bear Capital is primarily focused on Seed, Series A, and Series B rounds, targeting companies with high growth potential. Their sector interests are diverse yet strategic, encompassing areas such as Life Sciences, Biotechnology, Artificial Intelligence/Machine Learning, Cybersecurity, Enterprise Software, and Digital Health. The team at Two Bear Capital prides itself on bringing more than just capital to the table; they offer deep operational experience, scientific expertise, and a robust global network to support founders in scaling their businesses effectively. This hands-on approach is designed to accelerate the development and market penetration of their portfolio companies.

Typically, Two Bear Capital deploys initial investments ranging from $2 million to $10 million, with the capacity for follow-on funding to support portfolio companies through subsequent growth stages. This flexible check size allows them to engage with a broad spectrum of early-stage ventures, from nascent startups requiring foundational capital to more mature Series B companies poised for significant expansion. Their strategic location in Montana, while not a traditional VC hub, underscores their unique approach to sourcing and nurturing innovation, often looking beyond conventional tech centers to find promising opportunities. The firm's commitment to fostering innovation in critical sectors positions it as a key player in the early-stage investment landscape.

Investor Profile

Two Bear Capital has backed more than 26 startups, with 6 new investments in the last 12 months alone. The firm has led 20 rounds, about 77% of its total and boasts 0 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series A, Seed, Series B rounds (top funding stages).
  • Majority of deals are located in United States.
  • Strong thematic focus on Software, Biotechnology, Information Technology.
  • Led 3 rounds in the past year.
  • Typical check size: $2M – $10M.

Stage Focus

  • Series A (35%)
  • Seed (31%)
  • Series B (19%)
  • Convertible Note (8%)
  • Pre Seed (4%)
  • Series Unknown (4%)

Country Focus

  • United States (100%)

Industry Focus

  • Software
  • Biotechnology
  • Information Technology
  • Artificial Intelligence (Ai)
  • Health Care
  • Biopharma
  • Therapeutics
  • Cyber Security
  • Network Security
  • Analytics
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does Two Bear Capital frequently co-invest with?

Sequoia Capital
North America, California, United States, Menlo Park
Co-Investments: 3
Nexus Venture Partners
North America, California, United States, Menlo Park
Co-Investments: 2
Dolby Family Ventures
North America, California, United States, San Francisco
Co-Investments: 2
Hyperlink Ventures
North America, California, United States, Los Angeles
Co-Investments: 2
Big Pi Ventures
Europe, Attiki, Greece, Athens
Co-Investments: 2
Uncorrelated Ventures
Europe, England, United Kingdom, London
Co-Investments: 2
Atlantic Bridge
Europe, Dublin, Ireland, Dublin
Co-Investments: 6
Dementia Discovery Fund
Europe, England, United Kingdom, London
Co-Investments: 2
AllegisCyber
North America, California, United States, San Francisco
Co-Investments: 2
Intel Capital
North America, California, United States, Santa Clara
Co-Investments: 2

Which angels does Two Bear Capital often collaborate with?

JB
North America, California, United States, Belvedere Tiburon
Shared Deals: 1
MG
North America, Montana, United States, Whitefish
Shared Deals: 1

What are some of recent deals done by Two Bear Capital?

Graphiant

San Jose, California, United States

Graphiant offers Network-as-a-Service solutions for AI, Cloud, and SaaS connectivity.

Information TechnologyNetwork SecuritySaaS
Series BMay 19, 2025
Amount Raised: $19,000,000
Montara Therapeutics

San Francisco, California, United States

Montara Therapeutics is a biotechnology company.

BiopharmaBiotechnologyMedicalWellness
SeedMar 13, 2025
Amount Raised: $20,000,000
QuSecure

San Mateo, California, United States

QuSecure provides post-quantum cryptography software solutions that offer traditional and cyber threat protection services.

Cyber SecurityNetwork SecuritySecuritySoftware
Series AFeb 12, 2025
Amount Raised: $28,000,000
Selector

Santa Clara, California, United States

Selector is a software company that provides an AIOps platform for operational intelligence.

AnalyticsArtificial Intelligence (AI)Data VisualizationInfrastructureMachine LearningSoftware
Series BNov 19, 2024
Amount Raised: $33,000,000
Talus Bio

Seattle, Washington, United States

Talus Bio is a drug discovery biotech startup working on drug development for gene regulators.

BiotechnologyHealth CareTherapeutics
SeedAug 20, 2024
Amount Raised: $11,200,000
Montara Therapeutics

San Francisco, California, United States

Montara Therapeutics is a biotechnology company.

BiopharmaBiotechnologyMedicalWellness
SeedJul 30, 2024
Amount Raised: $8,000,000
Elisity

San Jose, California, United States

Elisity Cognitive Trust is a new security paradigm that combines Zero Trust Network Access and an AI-enabled Software Defined Perimeter.

Artificial Intelligence (AI)Cyber SecurityInformation TechnologyNetwork SecuritySoftware
Series BApr 29, 2024
Amount Raised: $45,000,000
BINARLY

Santa Monica, California, United States

Binarly is the most advanced automated AI/ML supply chain security platform to identify vulnerabilities in firmware and software components

Artificial Intelligence (AI)Cloud SecurityCyber SecurityData CenterEnterpriseInformation Technology
SeedMar 26, 2024
Amount Raised: $10,500,000
Dymium

Los Gatos, California, United States

Universal, Compliance-Aware Data Access Where Your Data Lives

SeedMar 20, 2024
Amount Raised: $7,000,000
TileDB

Cambridge, Massachusetts, United States

Modern data stack in a box. All data, code and compute in a single database

AnalyticsBig DataComputerData StorageSoftware
Series BSep 20, 2023
Amount Raised: $34,000,000