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The Venture Codex

What If Ventures

6735 Salt Cedar Way Building 1, Frisco, Texas, 75034, United States

Overview

Invests in stigmatized healthcare verticals to enhance care access.

Founded

2019

Deals ยท 12mo

2

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A
Series B

Geographic focus

United States

Sector focus

Biopharma
Biotechnology
Health Care
Life Science
...

Investment portfolio

20rounds
NAMEDATESIZE
Thea Energy
May 2026Participated
$100 MSeries B
Reliable Robotics Corporation
Apr 2026Participated
$160 MOther Equity
Saildrone
May 2025Participated
$60 MOther Equity
Raven Space Systems
Nov 2024Participated
$2 MSeed
Grayce
Jun 2024Participated
$10 MSeries A
Save da Sea
May 2024Participated
$0.47 MSeed
Alto Neuroscience
Nov 2023Participated
$45 MSeries C
Cromatic
Nov 2023Participated
$5 MSeed
Affect Therapeutics
Jul 2023Participated
$16 MSeries A
Bionaut Labs
Nov 2022Participated
$43 MSeries B
Alto Neuroscience
Oct 2022Participated
$35 MSeries B
Allocations
Sep 2022Participated
$5 MOther Equity
Thea Energy
May 2026Participated
$100 MSeries B
Reliable Robotics Corporation
Apr 2026Participated
$160 MOther Equity
Saildrone
May 2025Participated
$60 MOther Equity
Raven Space Systems
Nov 2024Participated
$2 MSeed
Grayce
Jun 2024Participated
$10 MSeries A
Save da Sea
May 2024Participated
$0.47 MSeed
Alto Neuroscience
Nov 2023Participated
$45 MSeries C
Cromatic
Nov 2023Participated
$5 MSeed
Affect Therapeutics
Jul 2023Participated
$16 MSeries A
Bionaut Labs
Nov 2022Participated
$43 MSeries B
Alto Neuroscience
Oct 2022Participated
$35 MSeries B
Allocations
Sep 2022Participated
$5 MOther Equity
20
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

What If Ventures: 20 funding rounds are recorded in the selected participation categories.All available history.
What If Ventures: 20 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed06
Series A04
Series B04
Series C+02
Other Equity04

Monthly Deal Activity

What If Ventures: 20 deals are recorded across 78 months.All available history.
What If Ventures: 20 deals are recorded across 78 months. All available history
MonthDeals
May '201
Jun '200
Jul '200
Aug '200
Sep '200
Oct '201
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '211
Aug '212
Sep '210
Oct '211
Nov '211
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '220
Jul '220
Aug '221
Sep '221
Oct '221
Nov '221
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '231
Aug '230
Sep '230
Oct '230
Nov '232
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '241
Jun '241
Jul '240
Aug '240
Sep '240
Oct '240
Nov '241
Dec '240
Jan '250
Feb '250
Mar '250
Apr '250
May '251
Jun '250
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '261
May '261
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

What If Ventures: Health & Life Sciences is the largest displayed sector by deal count (14 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.

What If Ventures: Health & Life Sciences is the largest displayed sector by deal count (14 deals). All available history
SectorDeals
Health & Life Sciences14
AI & Machine Learning6
Space & Frontier Tech6
Manufacturing2
Networks, Cloud & Communication1
Hardware & Robotics1
Fintech1
Food & Agriculture1
Professional Services1
Clean Energy & Sustainability1
Data, Analytics & IT1
Transportation & Logistics1
Consumer & Lifestyle1

Deal Size Distribution

What If Ventures: 20 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.

What If Ventures: 20 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M5
$5M-$10M2
$10M-$25M3
$25M-$50M5
$50M-$100M2
$100M-$250M3
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

What If Ventures: United States has the largest recorded deal count among the displayed regions (19 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

What If Ventures: United States has the largest recorded deal count among the displayed regions (19 deals). All available history
RegionDeals
United States19
Canada1
What If Ventures: 20 co-investors are shown, with Gaingels sharing 7 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.

What If Ventures: 20 co-investors are shown, with Gaingels sharing 7 recorded deals. All available history
Co-investorShared deals
Gaingels7
Alumni Ventures3
Calm Ventures3
Windham Venture Partners3
8VC2
Able Partners2
Apeiron Investment Group2
Correlation Ventures2
General Catalyst2
Khosla Ventures2
Lightswitch Capital2
Lux Capital2
Mana Ventures2
10X Capital1
20|20 Fund1
Abstract Ventures1
Academy Securities1
AE Ventures1
AgFunder1
Alexandria Venture Investments1

Investment Strategy

What If Ventures: Led accounts for 0% and participating for 100% of round participation.All available history.
What If Ventures: Led accounts for 0% and participating for 100% of round participation. All available history
CategoryDeals (count)Share (%)
Led00%
Participating20100%
What If Ventures: Single-lead accounts for 0% and co-led for 0% of lead dynamics.All available history.
What If Ventures: Single-lead accounts for 0% and co-led for 0% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead00%
Co-led00%

Lead dynamics requires at least one led deal in this range

Team

Dale Stephens

Venture Partner

Stephen Hays

Founder and Managing Partner