Welcome to
Two Bear Capital.

Welcome to
Two Bear Capital.

We’re based in Whitefish, Montana, where the skies are wider, the opportunities brighter, and the thinking clearer.

ABOUT US

From here we can see the future.

Two Bear Capital is led by Mike Goguen, a 20-year veteran of Sequoia Capital. Between 1996 and 2016 Mike sponsored and led 54 company investments to a combined market value exceeding $64 billion. Mike had 26 companies exit above $100 million – 11 of those above $500 million, 6 above $1 billion and 3 above $10 billion in peak market value. He led investments across sectors including cyber security, bioinformatics, biopharma, IT infrastructure, and semiconductors.

Our story

When you can work any place, the only thing that matters is place.

In the early 2000s Mike Goguen visited Whitefish, Montana and fell in love with its wide open spaces. It wasn’t long before he transitioned his 20-year career as a successful Silicon Valley VC to become a Montana-based philanthropist.

Since then, Mike has helped create and fund Two Bear Farm, a certified organic local farm; Two Bear Therapeutic Riding Center; and Two Bear Air Rescue, which has completed over 600 back country search and rescue missions. Currently, Mike is planning a biotech incubator in Whitefish.

Over time, Mike’s commitment to community service intersected with his entrepreneurial spirit. As new tools provided the ability to bring together talented people working at the forefront of  innovative  technology with start-up ecosystems around the country, Mike recognized a unique opportunity to connect access to capital with access to opportunity.

The result is Two Bear Capital.

Our Approach

We invest early in founder-led companies with disruptive innovations in AI, cybersecurity, healthcare, and biotech that can deliver dramatically better solutions to our toughest problems.

Our goal is ambitious: build a virtuous cycle of economic opportunity, create high impact companies along with jobs for communities, and in the process, change the world for the better.

In addition to capital, we provide our founders with the talent, skills, and experience required to guide their business through every stage of growth, from seed to market leadership.

The companies we help build are poised to deliver massive positive change along with exponential growth in value.

OUR SECTORS

We focus on sectors at inflection points primed to accelerate innovation.

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Biotechnology

Biotechnology

Rapid advances in bioengineering are expanding our ability to measure, understand, and modify complex biological systems, building a foundation for the next generation of disease prevention, diagnostics, treatments, and even cures.
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Bioinformatics

Bioinformatics

The breakthroughs in biology aren’t just coming from microscopes, they’re coming from scientists combining new algorithms and genomic data sets to reveal the molecular machinery behind human disease, leading to powerful and novel new treatments.
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Healthcare IT

Healthcare IT

Disruptive changes in the $3.6 trillion / year healthcare industry are forcing an intense focus on improving care while lowering costs, opening the door for a new generation of technology driven companies to deliver the needed solutions and become the new market leaders.
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Machine Learning & AI

Machine Learning & AI

Advances in Artificial Intelligence are unlocking new capabilities across every sector of the economy, with the scarcity of AI / ML expertise creating massive opportunities for those companies with the talent, technology and expertise to pursue them.
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Information Security

Information Security

The skyrocketing value of the world’s digital data coupled with new technologies available to cybercriminals has created a frantic, escalating arms race that requires brilliant, disruptive innovators to protect what has become the lifeblood of modern society.

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OUR FOCUS

Our roots are in Montana.
Our opportunities span the entire U.S.

PACIFIC NORTHWEST
Startups in the Pacific Northwest life sciences industry.
BAY AREA
Game changing innovations from Bay Area AI & machine learning start ups.
San Diego
Advancements in biotech from San Diego’s deep pool of world class research institutions.
Montana
Montana-based entrepreneurs impacting the high tech/high growth economy.
BOSTON & NYC
Cutting-edge research coming out of NYC accelerators, and cancer & genomics labs in Boston’s biotech cluster.
COMPANIES

We help build companies whose breakthroughs will deliver impact on a world-changing scale.

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Sanavia’s platform reveals novel biology that tumors use to become inaccessible and invisible to current therapies, allowing the discovery of first-in-class, highly specific and clinically safe targets for diagnosis and treatment of cancer.
COMPANIES

We help build companies whose breakthroughs will deliver impact on a world-changing scale.

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Sanavia’s platform reveals novel biology that tumors use to become inaccessible and invisible to current therapies, allowing the discovery of first-in-class, highly specific and clinically safe targets for diagnosis and treatment of cancer.
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Leapfrog Bio has developed a novel high throughput drug screening platform that unlocks the discovery of precision targeting insights for matching patients to small molecule cancer drugs.
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Novoron Bioscience is a private biotechnology company developing novel therapeutic approaches to address disorders of the central nervous system (CNS)
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Selector’s Usable AIOps is the first analytics solution to provide instant actionable insights to manage multi-domain networks & application delivery infrastructure
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Elisity is helping companies redefine security and access in a world transformed by cloud, mobility, and connected devices
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Graphiant is a Silicon Valley-based stealth mode startup driving the next evolution of computer networking
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The ultra-fast, cloud-native, interoperable data engine. TileDB Cloud is a serverless solution for data scientists to collaborate and work faster, focusing on their science without engineering hassles.
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Inimmune is a Montana-based biopharmaceutical company focused on developing novel immunotherapies and vaccines for the treatment of allergy, cancer, infectious disease, and autoimmunity.
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Envisioning a world without fraud, Verafi is combining world class human expertise from the intelligence community with machine learning technology to disrupt the multi-billion $ / year corporate diligence market.
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pulseData develops next generation healthcare solutions powered by artificial intelligence to identify and manage patients at risk for chronic disease, resulting in improved outcomes at a lower cost of care.
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Truwl accelerates genome-related advances by providing a common, shared platform for the highly complex workflows, tools, and data that the worldwide medical research community critically depends on.
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“We share a singular aspiration to build companies that make the world better.”

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XIX delivers a platform that helps developers accomplish any AI / computer vision task with just a few lines of code, delivering unmatched accuracy and a 44x cost advantage vs competitors.
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FYR Diagnostics’ novel DNA/RNA amplification technology enables dramatically earlier and more precise detection and tracking of the world’s most devastating and burdensome diseases.
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OUR TEAM
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Mike Goguen

Founder & Managing Partner

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J. Seth Strattan

Partner

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Ida Khodami

Partner

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Ryan Castonia

Principal

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Rachel Tsunemoto Hislop

Principal

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Avery Sonnenberg

Principal

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Alex Krizhevsky

Venture Partner

Jenny Kim

Vice President,
Investor Relations

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Nikki Johns

Vice President,
Talent Acquisition

Liz Marchi

Head of Community
Engagement

VALUES

Two Bear Capital exists to partner with exceptional teams to help them solve problems that matter - problems that, when solved, will make our world a better place

Our team focuses on razor-sharp logic, fostering differences as a source of strength, stoking passion, serving others, and pursuing a lifetime of learning, which we believe lays a foundation for making the most positive impact.

HONE RAZOR-SHARP LOGIC

Distilling complicated problems and technologies into essential elements is difficult. We hone razor-sharp logic, beginning from first principles, in order to concisely communicate, make decisions, and solve problems.

FOSTER DIFFERENCES AS A SOURCE OF STRENGTH

We celebrate our differences as strength. By actively seeking and combining different viewpoints, backgrounds, cultures, and experiences, we strive to better understand problems and collectively create better solutions.

STOKE PASSION

Passion and grit are critical ingredients to doing anything of consequence and we believe there are brilliant, passionate people everywhere. When passion and grit align, anything is possible.

SERVE OTHERS

Add value to every interaction. Be candid with investors, teammates, and strangers. We help others on their journeys and invest in relationships built on foundations of trust.

PURSUE A LIFETIME OF LEARNING

Lifelong learning is sustained by an infinite curiosity about the world and how things can be made better. We seek constant improvement, honest and open introspection, and encourage productive debate.