About Two Bear Capital
Two Bear Capital is a venture capital firm founded in 2019. It is primarily based out of Whitefish, United States. As of Feb 2026, Two Bear Capital is an active investor, having invested in 27 companies, with 3 new investments in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and Enterprise Infrastructure. Most recently it participated in the $***** Series A round of Rainfall Health Overall, Two Bear Capital portfolio has seen 1 acquisition, namely Spiral Genetics. A lot of funds co-invest with Two Bear Capital, with names like Atlantic Bridge sharing a substantial percentage of its portfolio. Two Bear Capital has team of 19 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 1 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Two Bear Capital's List of Top Investments
Two Bear Capital has a portfolio of 27 companies. Their most notable investments are in Rainfall Health and Novoron Bioscience.Their portfolio spans across United States and Canada. They have invested in Enterprise Applications, Life Sciences, Enterprise Infrastructure and 6 other sectors, across stages such as Series A, Seed and 1 more. Here is the list of top investments by Two Bear Capital:1. Selector AI
Developer of an AI-powered platform for network observability and automation. The platform unifies data and automates insights to simplify operations. It offers capabilities such as correlation, root cause analysis, digital twin, and copilot features. The platform provides full-stack observability, infrastructure observability, and network observability. It serves industries including telecom, financial services, healthcare, and retail.
Key facts about Selector AI
- Founded Year: 2019
- Location: Santa Clara (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $93M
- Employee Count: 159 as on Jun 30, 2026
- Investors: Advance Venture Partners, AT&T and 10 Others
- Latest Funding Round: Series B, Feb 18, 2026, $*****
- Highlight: Editors' Pick
2. Graphiant
Provider of software-based connectivity solutions for data management and network infrastructure. The company delivers network solutions for cloud, SaaS, B2B, branch networking, and AI. It offers tools for data assurance, security, and compliance management. The company’s solutions aim to simplify network infrastructure, ensuring speed and agility for data capitalization.
Key facts about Graphiant
- Founded Year: 2020
- Location: San Jose (United States)
- Stage: Series B
- Total Funding till date: $114M
- Employee Count: 77 as on Jun 30, 2026
- Investors: TSG, LDV Partners and 9 Others
- Latest Funding Round: Series B, May 19, 2025, $*****
- Highlight: Editors' Pick
3. Talus
Provider of drug discovery platform for gene regulators. The company provides a functional proteomics platform MARMOT focused on studying full-length GRPs in an unmodified cellular environment. It allows the development of therapeutics against the disease-causing GRPs.
Key facts about Talus
- Founded Year: 2020
- Location: Seattle (United States)
- Stage: Seed
- Total Funding till date: $19.8M
- Employee Count: 26 as on May 31, 2026
- Investors: FundersClub, NFX and 11 Others
- Latest Funding Round: Grant (prize money), Apr 02, 2025, $*****
- Highlight: Editors' Pick
Developer of therapeutics for neurological diseases. It offers BrainOnly platform designed to prevent peripheral toxicities and concentrate neurological drugs activity in the brain for to address neurodegenerative and neurological diseases and brain cancers.
Key facts about Montara Therapeutics
- Founded Year: 2023
- Location: San Francisco (United States)
- Stage: Seed
- Total Funding till date: $28M
- Employee Count: 25 as on Jun 30, 2026
- Investors: The Michael J. Fox Foundation, Dolby Family Ventures and 4 Others
- Latest Funding Round: Grant (prize money), Jun 02, 2026, $*****
- Highlight: Editors' Pick
5. Elisity
Offering network access control solutions. It enables enterprises to deliver least-privilege access from the cloud to any asset, enforcing policy and nano-segmentation at the edge. Cognitive trust is a new approach to network access that enables secure connectivity at the asset level, based on contextual knowledge over time. The platform continuously applies on demand connections by verifying a combination of identity, location, permissions, and behavior.
Key facts about Elisity
- Founded Year: 2018
- Location: Milpitas (United States)
- Stage: Series B
- Total Funding till date: $72.6M
- Employee Count: 140 as on Jun 30, 2026
- Investors: TCV, Insight Partners and 6 Others
- Latest Funding Round: Series B, Jan 23, 2025, $*****
- Highlight: Editors' Pick
Two Bear Capital's Year-on-Year Investment Trends
Two Bear Capital has invested in 27 companies over the last 6 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 5 investments, while as of Feb 2026, it has made 2 investments in this year. Its most recent first time investment was in Rainfall Health and most recent follow-on round was in Selector AI.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 1 | 2 |
2025 | 4 | 1 | 5 |
2024 | 4 | 2 | 6 |
2023 | 1 | 2 | 3 |
2022 | 3 | 0 | 3 |
2021 | 3 | 0 | 3 |
2020 | 3 | 0 | 3 |
Two Bear Capital's Investments by Stage
Two Bear Capital has made 12 investments in Series A stage with an average round size of $20M, 5 investments in Seed stage with an average round size of $9.24M and 2 investments in Series B stage with an average round size of $20.9M.Stage of entry | No. of Investments |
|---|---|
Series A | 12 |
Seed | 5 |
Series B | 2 |
Note: We have considered here, only first round of investments
Two Bear Capital's Investments by Sector
Two Bear Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, Life Sciences, HealthTech and High Tech. Notably, it has invested in 25 Enterprise (B2B) companies, 25 Tech companies, 19 Software companies and at least 9 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 15 |
Enterprise Infrastructure | 10 |
Life Sciences | 5 |
HealthTech | 3 |
High Tech | 3 |
Others | 7 |
Note: We have considered here, only first round of investments
Two Bear Capital's Investments by Geography
Two Bear Capital has made most investments in United States (19).Two Bear Capital's recent investments
Two Bear Capital has made 2 investments in 2026 so far - Rainfall Health and Selector AI.Here are the most recent investments by Two Bear Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 18, 2026 | United States | Series A | 7133 | - | |
Feb 18, 2026 | United States | Series B | 3037 | ||
Nov 20, 2025 | United States | Seed | 3503 | ||
Oct 21, 2025 | United States | Series A | 5342 | [+1] | |
May 28, 2025 | United States | Series B | 4444 | [+1] |
Acquired companies in Two Bear Capital's Portfolio
1 company from Two Bear Capital's portfolio has been acquired. The most recent acquisition was Spiral Genetics in Jan 2017 by Fabric Genomics for $*****.Here are Two Bear Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 23, 2017 | - | - | 1502 |
Team profile of Two Bear Capital
Two Bear Capital has a team of 19 members including 2 Partners, 3 Venture Partners and 6 Principals located in United States. Two Bear Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Two Bear Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Guilford | - | ||
Partner | San Francisco | - | ||
Venture Partner | San Francisco | - | ||
Venture Partner | Boston | - | - | |
Venture Partner | Whitefish | - | ||
Principal | Whitefish | - | ||
Principal | Whitefish | - | ||
Principal | Boston | - | ||
Principal | Kalispell | - | ||
Principal | Whitefish | - | ||
Principal | Whitefish | - |
Co-investors of Two Bear Capital
Over the past 6 years, 81 investors have co-invested in Two Bear Capital's portfolio companies. This includes funds and angels.
- Invested before Two Bear Capital: HHS, SBIR and 27 others have invested in rounds before Two Bear Capital. There are 3 companies where HHS has invested before Two Bear Capital and 2 companies where SBIR has invested before Two Bear Capital.
- Top Co-investors of Two Bear Capital: 23 investors entered a company along with Two Bear Capital. These include investors like Atlantic Bridge (2 companies).
- Invested after Two Bear Capital: A total of 29 investors have invested in Two Bear Capital's portfolio after their investments. Top Investors include Ansa (1 company), AT&T (1 company) and Hyperlink Ventures (1 company).
Recent News related to Two Bear Capital
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Selector Raises $32 Million to Eliminate Downtime with AI-Powered Observabilityintelligence360•Mar 13, 2026•Ansa, Selector AI, Two Bear Capital, Singtel Innov8 and 1 other
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Rainfall Health Raises $15M to Turn CMS Team Mandates into RevenueHIT Consultant•Feb 18, 2026•Two Bear Capital, Rainfall Health
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Network observability startup Selector reels in $32MSiliconAngle•Feb 18, 2026•Selector AI, AVP Ventures, AVP, Ansa and 3 others
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Selector Raises $32 Million to Eliminate Downtime with AI-Powered ObservabilitySalesTech Star•Feb 18, 2026•Ansa, Selector AI, Two Bear Capital, Singtel Innov8 and 2 others
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Gravwell Raises $15.4M in Series A FundingFinSMEs•Oct 21, 2025•Two Bear Capital, Gravwell, Gula Tech Adventures, Next Frontier Capital
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Aramco's Wa'ed Ventures Co-Leads $19M Investment in Graphiant's Network-as-a-Service PlatformAssiyaq•May 20, 2025•Graphiant, Aramco, Sequoia Capital, Two Bear Capital and 1 other
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