Investors / United States / Two Bear Capital
Two Bear Capital
Venture capital · Whitefish, MT, United States · North America
Two Bear Capital is an investment firm that backs founders working at the intersection of life sciences and technology. It partners early with companies and has offices in Whitefish, Menlo Park, San Diego, Boston, and New York.
Invests inAI & Machine LearningHealthcare & BiotechCybersecurity
In its own wordsbiotechnologybioinformaticshealthcare itmachine learningartificial intelligenceinformation security
Your fit with Two Bear Capital
Four questions about your startup
See how your round matches what it backs, point by point.
Or find every investor that fitsTwo Bear Capital lists 23 checked portfolio companies on its own site and is named in 6 funding rounds, 4 of them as lead. Its most frequent entry is Series A, 40% of the companies with a known first round. Its largest themes are AI & Machine Learning (29%), Healthcare & Biotech (29%) and Cybersecurity (23%). 92% of its companies are based in United States. It invests most often alongside Allegis Capital, Atlantic Bridge and Hyperlink Ventures.
Counts come from funding rounds that name Two Bear Capital, complete from mid-2025: earlier rounds appear only when they were reported later. Round amounts and full round histories are on Fundup AI.
Round figures show recent activity, not Two Bear Capital's whole history. Rounds on record name 6 companies; its own site lists 23. Funding rounds are complete from mid-2025, so counts and the yearly trend undercount a firm that invested before then. The portfolio, themes and places come from its own site and are not affected.
Entry stage
share of companies by the stage of its first roundTwo Bear Capital does not state its stages on its site, so only what it does is shown.
Show as a table
| Value | |
|---|---|
| Pre-seed | 0% |
| Seed | 20% |
| Series A | 40% |
| Series B | 20% |
| Growth | 20% |
Activity by year
rounds it joined, last 10 yearsShow as a table
| Total | Rounds it led | |
|---|---|---|
| '17 | 0 | 0 |
| '18 | 0 | 0 |
| '19 | 0 | 0 |
| '20 | 0 | 0 |
| '21 | 0 | 0 |
| '22 | 0 | 0 |
| '23 | 0 | 0 |
| '24 | 0 | 0 |
| '25 | 4 | 3 |
| '26 | 2 | 1 |
Investor profile
percentile among all firmsShow as a table
| Measure | Percentile of all firms | Value |
|---|---|---|
| Portfolio size | 57th | 23 companies |
| Recent activity | 76th | 3 rounds in 12 months |
| Early stage | 58th | 20% of entries at pre-seed or seed |
| Evidence | 93th | 22% of companies confirmed by a round |
| Sector focus | 48th | 29% in its largest sector |
| Reach | 42th | 2 countries |
Invests most often with
firms sharing its portfolio companiesShow as a table
| Share | |
|---|---|
| Allegis Capital | 2 |
| Atlantic Bridge | 2 |
| Hyperlink Ventures | 2 |
| Pack Ventures | 2 |
| SineWave Ventures | 2 |
| StartX | 2 |
| WestWave Capital | 2 |
| AVP | 1 |
Its portfolio companies
where they are based, and what their own sites showSite status
- Site answers23100%
- No longer answers00%
- Points to another company00%
- Parked or sold domain00%
A site that stops answering three checks in a row is counted as no longer answering; that is not proof of closure. A site that points to another company is often an acquisition.
Investment themes
share of its checked companiesThis firmAll checked companies
Show as a table
| This firm | All checked companies | |
|---|---|---|
| AI & Machine Learning | 29% | 18% |
| Healthcare & Biotech | 29% | 15% |
| Cybersecurity | 23% | 4% |
| Fintech | 11% | 12% |
| Enterprise Software | 6% | 8% |
| Industrial & Manufacturing | 3% | 7% |
Co-investor network
who it backs companies with, and who they back togetherCompare Two Bear Capital head to head
portfolio size, rounds, entry stages, themes and the companies both backThree or more firms at once: portfolio overlap.
Recent portfolio activity
when companies last raised with Two Bear Capital| Date | Company | Stage |
|---|---|---|
| 18 Feb 2026 | Series A Led | |
| 18 Feb 2026 | Series C+ | |
| 20 Nov 2025 | Seed Led | |
| 21 Oct 2025 | Series A Led | |
| 16 Oct 2025 | Series B Led | |
| 24 Sept 2025 | Round |
Round details for Two Bear Capital
Amounts, full round histories and every co-investor in Two Bear Capital's rounds are on Fundup AI. VCinfo covers investors and their portfolios.
Portfolio
23 companies checked against their own sites| Company | What it does | Themes | First round with it | Evidence |
|---|---|---|---|---|
| Abilita Therapeutics discovers and develops therapeutics targeting membrane proteins like GPCRs, ion channels, and transporters | Healthcare & Biotech | Portfolio page | ||
| Arch Systems provides AI solutions for manufacturing and smart factory systems. | AI & Machine LearningIndustrial & Manufacturing | Portfolio page | ||
| Binarly helps product security and engineering teams uncover and remediate vulnerabilities in third-party software, firmware, and binaries before and after release. | CybersecurityFintech | Portfolio page | ||
| CIQ provides products and solutions for building and deploying sovereign AI infrastructure at scale | AI & Machine LearningEnterprise Software | Portfolio page | ||
| Conceal provides browser security and trusted access for any browser | Cybersecurity | Oct 2025Series B | Page + round | |
| Dymium provides a secure AI gateway to govern and protect data where it lives | CybersecurityAI & Machine Learning | Portfolio page | ||
| Elisity provides identity-based microsegmentation for network security | CybersecurityAI & Machine Learning | Portfolio page | ||
| FYR Bio develops technology to decode RNA and protein signals in blood for precision medicine | Healthcare & Biotech | Sept 2025Round | Page + round | |
| Graphiant provides a network-as-a-service platform for secure AI, cloud, and distributed environments. | AI & Machine LearningCybersecurity | Portfolio page | ||
| Gravwell provides a security data platform for log analysis and security information | CybersecurityAI & Machine Learning | Oct 2025Series A | Page + round | |
| Inimmune develops immunotherapies and vaccines for various diseases, including allergies and cancer. | Healthcare & Biotech | Portfolio page | ||
| The company discovers and targets the hidden genetic vulnerabilities of cancers driven by loss-of-function mutations to develop precision therapeutics. | Healthcare & Biotech | Portfolio page | ||
| Montara Therapeutics is developing safer, more efficacious therapies to improve the lives of patients with neurological diseases. | Healthcare & Biotech | Portfolio page | ||
| Novoron Bioscience develops innovative therapies to restore independence and improve patient's lives by pioneering lipoprotein-receptor drug development to repair damage and degeneration of the brain, spinal cord and beyond. | Healthcare & Biotech | Portfolio page | ||
| PulseData uses patented AI to better diagnose, risk stratify, and predict adverse events for patients with chronic diseases. | Healthcare & Biotech | Portfolio page | ||
| QuSecure provides software for post-quantum cryptography and crypto-agility for critical systems | CybersecurityFintech | Portfolio page | ||
| Rainfall Health provides an AI-enabled compliance platform for hospital systems and medical groups to manage Medicare mandates | Healthcare & Biotech | Feb 2026Series A | Page + round | |
| Revenium attributes every dollar it spends to the team, feature, and customer behind it, and catches runaway costs before the bill arrives for AI workforce spending | AI & Machine LearningFintech | Nov 2025Seed | Funding round | |
| Revenium attributes every dollar it spends to the team, feature, and customer behind it, and catches runaway costs before the bill arrives. | FintechAI & Machine Learning | Portfolio page | ||
| Sanavia Oncology is developing targeted solutions for cancer patients | Healthcare & Biotech | Portfolio page |
About this data
site last read 5 Nov 2026- Site
- twobearcapital.com
- Last read
- 5 Nov 2026
- Watching since
- 5 Nov 2026
- Rounds since
- 24 Sept 2025
- Companies checked
- 23
Rates come from what VCinfo has observed since observation_start. Firms tend to remove companies that closed, so early rates understate reality. A company leaving a portfolio page does not mean it closed or exited. An unreachable site means our checks failed, nothing more.
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