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Two Bear Capital

1005 Baker Ave, Ste A, Whitefish, MT, 59937, United States

Overview

Invests in early-stage disruptive innovations in biotech and AI.

Founded

2019

Deals · 12mo

5

Links

WebsiteLinkedIn

Stage focus

Seed
Series A
Series B

Geographic focus

United States

Sector focus

—

Investment portfolio

25rounds
NAMEDATESIZE
Selector
Feb 2026Participated
$32 MOther Equity
Rainfall Health
Feb 2026Led
$15 MSeries A
Revenium
Nov 2025Led
$14 MSeed
Gravwell
Oct 2025Led
$15 MSeries A
Conceal
Oct 2025Led
$26 MSeries B
FYR Bio
Sep 2025Participated
$8 MOther Equity
Montara Therapeutics
Mar 2025Participated
$20 MSeed
QuSecure
Feb 2025Led
$28 MSeries A
Selector
Nov 2024Participated
$33 MSeries B
Talus Bio
Aug 2024Led
$11 MSeed
Montara Therapeutics
Jul 2024Led
$8 MSeed
BINARLY
Mar 2024Led
$11 MSeed
Selector
Feb 2026Participated
$32 MOther Equity
Rainfall Health
Feb 2026Led
$15 MSeries A
Revenium
Nov 2025Led
$14 MSeed
Gravwell
Oct 2025Led
$15 MSeries A
Conceal
Oct 2025Led
$26 MSeries B
FYR Bio
Sep 2025Participated
$8 MOther Equity
Montara Therapeutics
Mar 2025Participated
$20 MSeed
QuSecure
Feb 2025Led
$28 MSeries A
Selector
Nov 2024Participated
$33 MSeries B
Talus Bio
Aug 2024Led
$11 MSeed
Montara Therapeutics
Jul 2024Led
$8 MSeed
BINARLY
Mar 2024Led
$11 MSeed
25
Items
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Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Two Bear Capital: 25 funding rounds are recorded in the selected participation categories.All available history.
Two Bear Capital: 25 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed51
Series A100
Series B22
Other Equity32

Monthly Deal Activity

Two Bear Capital: 25 deals are recorded across 76 months.All available history.
Two Bear Capital: 25 deals are recorded across 76 months. All available history
MonthDeals
Jul '202
Aug '200
Sep '200
Oct '200
Nov '200
Dec '201
Jan '210
Feb '210
Mar '210
Apr '211
May '210
Jun '211
Jul '210
Aug '210
Sep '210
Oct '210
Nov '211
Dec '210
Jan '220
Feb '220
Mar '221
Apr '220
May '221
Jun '220
Jul '221
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '231
Mar '230
Apr '231
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '231
Nov '230
Dec '230
Jan '240
Feb '240
Mar '242
Apr '240
May '240
Jun '240
Jul '241
Aug '241
Sep '240
Oct '240
Nov '241
Dec '240
Jan '250
Feb '251
Mar '251
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '251
Oct '252
Nov '251
Dec '250
Jan '260
Feb '262
Mar '260
Apr '260
May '260
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Two Bear Capital: Health & Life Sciences is the largest displayed sector by deal count (9 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Two Bear Capital: Health & Life Sciences is the largest displayed sector by deal count (9 deals). All available history
SectorDeals
Health & Life Sciences9
Enterprise Software8
AI & Machine Learning8
Data, Analytics & IT8
Cybersecurity & Privacy6
Networks, Cloud & Communication5
Hardware & Robotics2
Space & Frontier Tech2
Developer Tools1

Deal Size Distribution

Two Bear Capital: 25 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Two Bear Capital: 25 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M1
$5M-$10M4
$10M-$25M10
$25M-$50M9
$50M-$100M1
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Two Bear Capital: United States has the largest recorded deal count among the displayed regions (25 deals).All available history.

Top 1 of 1 regions; European countries are grouped as Europe.

Two Bear Capital: United States has the largest recorded deal count among the displayed regions (25 deals). All available history
RegionDeals
United States25
Two Bear Capital: 20 co-investors are shown, with Atlantic Bridge sharing 5 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Two Bear Capital: 20 co-investors are shown, with Atlantic Bridge sharing 5 recorded deals. All available history
Co-investorShared deals
Atlantic Bridge5
SineWave Ventures3
AllegisCyber Capital2
Ansa Capital2
Big Pi Ventures2
Dolby Family Ventures2
Gula Tech Adventures2
Intel Capital2
KdT Ventures2
Nexus Venture Partners2
Sequoia Capital2
SV Health Investors2
Uncorrelated Ventures2
WestWave Capital2
Accenture Ventures1
Acrobator Ventures1
AlleyCorp1
Alumni Ventures1
Amgen Ventures1
AVP1

Investment Strategy

Two Bear Capital: Led accounts for 80% and participating for 20% of round participation.All available history.
Two Bear Capital: Led accounts for 80% and participating for 20% of round participation. All available history
CategoryDeals (count)Share (%)
Led2080%
Participating520%
Two Bear Capital: Single-lead accounts for 75% and co-led for 25% of lead dynamics.All available history.
Two Bear Capital: Single-lead accounts for 75% and co-led for 25% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1575%
Co-led525%

Team

Bridget Martell

Biotechnology Operating Partner

Cris Neckar

Partner

Jeff Miller

Operating Partner

Jenna (Garr) Aronson

Principle

Jennifer Howrigan

VP, Investor Relations

Kevin Day

Partner, Head of Capital Formation

Mike Goguen

Founder & Managing Partner

Tim Veil

Principal