Confidential — For Qualified Investors Only

Where the human body
became investable code.

Two Bear Capital invests at the intersection of deep technology and life sciences — a frontier Mike Goguen saw coming long before the rest of venture capital caught up.

20+
Years at Sequoia Capital
$67B
Combined Exit Value at Sequoia
2.0×
Fund I Unrealized MOIC
54
Investments Led at Sequoia
Origin

The story begins in
Montana.

In the early 2000s, after two decades building some of Silicon Valley's most iconic companies as Managing Director at Sequoia Capital, Mike Goguen did something unusual — he left. Not for a competitor. Not for a bigger fund. He left for a place where the sky was wider and the thinking was clearer: Whitefish, Montana.

He founded Two Bear Farm — a certified organic operation. Two Bear Air Rescue, which has completed over 600 backcountry helicopter search and rescue missions. A Therapeutic Riding Center. And quietly, over years of watching science evolve, he began to see a convergence that no one in venture capital was paying attention to.

The human genome had been sequenced. Structural biology was yielding to computation. Machine learning was beginning to crack problems that had stumped researchers for decades. Mike had spent twenty years backing the digital revolution. He recognized the same pattern — and this time it was pointing directly at the human body.

1996 – 2016
Sequoia Capital, Managing Director. 54 investments. $67B combined peak market value. 25 exits above $100M — 3 above $10B.
The Biotech Contrarian Moment
Mike backed Gardent and Stem Centrics at Sequoia — dragging the firm into biotech when VCs refused to touch the space. Both produced exceptional exits. Sequoia, and the rest of venture, have been following his lead ever since.
The Founding Insight
When the Stanford genomic sequencing project was completed, Mike saw something profound: the human body had gone from analog to digital. Biology could now be invested in the way Silicon Valley had always invested in technology.
Two Bear Capital
Built on deep domain expertise — PhDs in molecular engineering, brain and cognitive sciences, structural biology — rather than MBA deal-making. A firm designed to see what others miss by years.
"I can teach dealmaking to PhDs. But I cannot teach an MBA molecular engineering, brain and cognitive sciences, or structural biology. The edge is the expertise — and you either have it or you don't."
— Mike Goguen, Founder & Managing Partner
The Founder
Mike Goguen — Founder & Managing Partner
"The body went from analog to digital. We invested accordingly."

Mike Goguen

Founder & Managing Partner — Former Managing Director, Sequoia Capital

Mike Goguen is a rarity in today's venture landscape: a technologist who built his edge not in finance, but in science. A Cornell undergraduate and Stanford-trained Electrical Engineer, Mike understands deep technology with the fluency of an engineer — not the approximation of a banker.

During his 20-year tenure at Sequoia Capital from 1996 to 2016, Mike sponsored 54 investments with a combined market value of over $67B — across cybersecurity, bioinformatics, biopharma, networking, and semiconductors. 25 exits above $100M, 11 above $500M, 6 above $1B, and 3 above $10B.

What sets Mike apart is his willingness to lead where others refused to follow. At Sequoia, he championed Gardent and Stem Centrics in life sciences when the firm — and broader VC community — had no appetite for biotech. Both produced exceptional returns. In doing so, Mike didn't just generate alpha: he opened a new investment category the entire industry now scrambles to access.

He founded Two Bear Capital on a singular insight: when Stanford completed the genomic sequencing project, the human body went from analog to digital — and could be invested in the way Silicon Valley had always invested in technology. He built a firm around PhDs with deep scientific expertise, then taught them deal mechanics.

54
Investments Led at Sequoia
$67B
Combined Peak Market Value
3
Exits Above $10 Billion
25
Exits Above $100M
20yr
Sequoia Tenure
600+
Rescue Missions, Two Bear Air
DIGITAL
The Thesis

When Stanford finished sequencing the genome,
biology became software.

Mike Goguen's core insight was simple and profound: the completion of the human genomic sequence transformed how biological problems could be approached. Suddenly, the tools that built the internet age applied just as powerfully to the human body. Two Bear Capital was built to invest at precisely that intersection — years before the rest of venture arrived.

🧬
Deep Tech × Biotech
Two Bear invests at the boundary between computation and biology — the same frontier Mike saw a decade before the rest of venture noticed. AI-powered drug discovery, precision oncology, and post-genomic diagnostics are no longer speculative. They are operational, and TBC's portfolio was built before the crowd showed up.
🔬
Domain Expertise as Moat
The TBC team includes PhDs in epigenetics, neuroscience, oncology, structural biology, and computational genomics. This expertise is the source of deal flow, valuation discipline, and the ability to support founders through technical inflection points that generalist investors simply cannot navigate.
⚡
First-Mover Premium
When Two Bear started, no one in venture was interested in the deep tech / life sciences intersection. Mike was already there. Today, Sequoia and the rest of the industry are following. TBC's portfolio was built at entry valuations that reflect an earlier, less-crowded era — and those positions are now maturing at pace.
Investment Philosophy
"We don't chase unicorns. We focus on inflection points where domain expertise lets us see value that the market will take years to price in."
— Two Bear Capital Investment Principles

The competitive edge at Two Bear is not access to deal flow — it is the ability to evaluate it with scientific rigor that most VC teams simply cannot match. This translates into three structural advantages: winning competitive deals at below-market entry valuations; a disproportionately higher percentage of successful outcomes; and hands-on operational support that separates the companies that succeed from those that stall.

Fund I's portfolio carries an average ownership of 22.83% per company — a reflection of TBC's position as lead or co-lead investor with genuine pricing power at every deal.

The Team

Built on the conviction that
expertise compounds.

Two Bear Capital was founded on a radical premise for venture: hire the best scientists in their fields — PhDs from MIT, Stanford, UCSD — and build the investment skills around their domain expertise, not the other way around. The result is a team that evaluates opportunities at a depth of rigor generalist VC firms cannot match, and provides portfolio companies with hands-on scientific and operational support from people who have actually done the work.

Founder
Mike Goguen
Mike Goguen
Founder & Managing Partner · Whitefish, MT
A 20-year veteran of Sequoia Capital, Mike sponsored 54 investments with combined peak value exceeding $67B. He pioneered life sciences investing at Sequoia when VCs refused to look at biotech — and founded Two Bear Capital on the insight that the completed human genome made biology investable with Silicon Valley's own playbook. Cornell undergraduate; MS Electrical Engineering, Stanford. First responder, organic farmer, and the rare technologist who never stopped thinking like a scientist.
Sequoia Capital, 20 Years $67B Combined Exit Value Cornell · Stanford MS EE Cybersecurity · Biopharma · Semiconductors
Investment Partners
J. Seth Strattan PhD
J. Seth Strattan, PhD
General Partner · Menlo Park
Focused on the application of data science, software engineering, and genomics to problems in medicine and biology. Joined TBC from Stanford University where he built and led engineering and data science teams in the ENCODE, Human Cell Atlas, and International Human Epigenomics consortia. Previously held entrepreneurial and management positions in enterprise software and consulting. PhD in Structural Biology and BA in Philosophy, Stanford University. Board involvement: Sanavia Oncology, Leapfrog Bio, Montara Therapeutics, TileDB, CIQ.
Structural Biology · PhD, Stanford ENCODE · Human Cell Atlas Genomics & Data Science Oncology · Precision Medicine
Mark Adams PhD
Mark Adams, PhD
Partner · New York
Focuses on life sciences, artificial intelligence, and cybersecurity at TBC. Most recently COO and CTO at Adaptive Biotechnologies (public biotech). Previously held C-Suite roles across multiple biotech companies, led consulting at Booz Allen Hamilton, and drove AI and data science teams at Bridgewater Associates and Leerink Partners. His rare combination of molecular biology depth and operational / financial experience makes him uniquely suited to evaluate companies at the biotech–AI–cybersecurity intersection. PhD in Molecular Biology, Baylor College of Medicine; BA in Biology and Computer Science, Oberlin College.
Molecular Biology · PhD, Baylor Adaptive Biotechnologies · COO/CTO Bridgewater Associates · AI/Data Science Life Sciences · Cybersecurity · AI
Avery Sonnenberg PhD
Avery Sonnenberg, PhD
Partner · Whitefish
Focuses on therapeutics, diagnostics, life science tools, and medical devices in oncology and neurodegeneration. Previously at Becton Dickinson's Life Science Innovation group. PhD in Bioengineering, UC San Diego; MS in Electrical Engineering, RIT. Board: FYR Diagnostics, Inimmune, Talus Bio.
Cris Neckar
Cris Neckar
Partner · Menlo Park & Whitefish
17+ years in information security: original Google Chrome Security Team member, co-founder of Divergent Security, led app security at Neohapsis (now Cisco). Has investigated high-profile data breaches and nation-state intelligence campaigns. Board: Elisity, QuSecure, Binarly, Dymium.
Amalia Colangelo PhD
Amalia Colangelo, PhD
Principal · Life Sciences
Sources, diligences, and supports investments in life sciences therapeutics. Part of TBC's growing PhD-first investment team, contributing deep scientific rigor to evaluation and portfolio engagement across the firm's life sciences portfolio.
Research & Science
Rachel Tsunemoto Hislop PhD
Rachel Tsunemoto Hislop, PhD
Principal, Director of Research · San Diego
Leads TBC's research team with high-impact, data-driven investment insights. Previously in medical affairs at Acorda Therapeutics. PhD in Neuroscience, UCSD — publications in Nature, Nature Neuroscience, EMBO Journal. BS in Brain & Cognitive Sciences, MIT. Board: Novoron.
Jenna Aronson PhD
Jenna Aronson, PhD
Principal · Boston
Sources and leads life sciences therapeutics investments. Previously at Mass General / Harvard Medical School under Dr. Rudy Tanzi on 3D Alzheimer's models. PhD in Brain & Cognitive Sciences, MIT McGovern Institute (advised by Dr. Ed Boyden). Koch Frontiers Award. Board observer: Montara Therapeutics, Abilita Therapeutics.
Zander Mykytiuk
Zander Mykytiuk
Senior Analyst, Research Team
Supports TBC's research function with scientific analysis, competitive landscape mapping, and investment support across the deep tech and life sciences portfolio — part of the PhD-led research engine that drives TBC's information advantage on every deal.
Operations, Platform & Capital Formation
Jeff Miller
Jeff Miller
Operating Partner, Enterprise · New York
Directly supports enterprise portfolio on sales and revenue infrastructure. Former CRO at Cockroach Labs (0→$80M ARR, $5B valuation). SVP Sales at Hortonworks (0→$250M ARR, IPO + $1.45B acquisition by Cloudera). VP Sales at SpringSource ($5M→$30M, $450M VMware acquisition). Turns TBC portfolio companies into category leaders.
Kevin Day
Kevin Day
Partner, Head of Capital Formation
Leads investor relations and capital formation for Two Bear Capital, managing relationships with family offices, HNW individuals, and institutional LPs. Deep experience in LP engagement, fund structuring, and capital formation for early-stage venture firms navigating multiple fund cycles.
Kristen Getchell PhD
Kristen Getchell, PhD
Partner, Head of Platform
Leads TBC's platform function — the in-house team providing portfolio companies with hands-on support across enterprise sales, AI implementation, revenue operations, talent, and culture. The operational infrastructure that makes TBC a genuinely differentiated partner for founders, not just a capital provider.
Scientific & Industry Advisors
TBC's advisory network includes Nobel Laureates, senior biopharmaceutical executives, and leading oncologists — providing unparalleled scientific validation and industry access across the portfolio.
James Allison PhD
James Allison, PhD
Chair of Immunology, MD Anderson Cancer Center
Nobel Laureate in Medicine, 2018
Padmanee Sharma MD PhD
Padmanee "Pam" Sharma, MD, PhD
Professor, Genitourinary Oncology & Immunology, MD Anderson
World-leading cancer immunologist
Bridget Martell MD
Bridget Martell, MA, MD
Senior Biopharmaceutical Advisor
Translational medicine specialist
Joe Pinto
Joe Pinto
Chief Customer Experience Officer, Pure Storage
Enterprise GTM advisor
"I can teach dealmaking to PhDs. I cannot teach an MBA molecular engineering, brain and cognitive sciences, or structural biology."
— Mike Goguen
This is the principle that defines everything about how Two Bear Capital was built. The team's scientific depth isn't a feature — it is the product. It is why TBC wins deals MBA-led teams cannot properly evaluate. It is why portfolio companies trust TBC with their most critical challenges. And it is why the firm's track record, from Sequoia to Fund II, reflects a consistent ability to find signal before the market does.
Portfolio

A portfolio built at the
intersection of two revolutions.

Two Bear Capital manages two active funds across deep tech and life sciences, with a consistent philosophy: lead the round, own the outcome, and deploy scientific expertise at every inflection point. The portfolio spans oncology, neurodegenerative disease, enterprise AI, quantum-safe cybersecurity, and next-generation infrastructure.

Fund I's 13 companies carry a combined unrealized MOIC of 2.0×. Fund II, at early deployment with 7 companies, already shows 1.1×. Several companies are approaching material inflection points — pharma partnerships, acquisitions, Series C rounds — that could dramatically alter the return profile over the next 12–24 months.

Fund I MOIC
2.0×
$198.6M deployed · 13 companies · 22.83% avg
Fund II MOIC
1.1×
$46.1M deployed · 7 companies · 22.9% avg
Avg. Ownership
22.8%
Lead or co-lead position discipline
Sequoia Track Record
$67B
Combined peak value, 54 investments
⚡ Fund I Spotlight — Potential Fund Maker
Sanavia Oncology
Sanavia's SANA-1 antibody program for MUC-1 — a cancer-specific receptor dramatically overexpressed across most cancers — delivered preclinical data at BIO 2025 outperforming competing programs from Roche, Gilead, and Daiichi in head-to-head comparison. This triggered inbound interest from 9 of the world's largest pharma companies regarding partnership, licensing, or acquisition. Behind the lead program sits a proprietary discovery engine generating hundreds of additional antibody assets. TBC holds 31.1% in Fund I plus 3.4% in SPV IV — a position Mike Goguen calls potentially "spectacular."
9
Top Pharma Firms in NDA Discussions
34.5%
TBC Total Ownership
$10B+
MUC-1 Revenue Potential
Life Sciences Portfolio
Novoron
Neurodegeneration
LRP1-receptor targeting to halt tau-protein spread in Alzheimer's and Parkinson's. Active pharma discussions with Eisai, Takeda, and Teva. 53.9% combined TBC ownership.
53.9% ownership — SPV VII upcoming
Montara Therapeutics
CNS / Parkinson's
IND-enabling studies underway for pediatric epilepsy. Parkinson's program: $3.3M from Michael J. Fox Foundation. $20M seed-2 includes Sergey Brin's Bayshore family office.
IND filing target: Q1 2026
Talus Bio
AI Drug Discovery
AI platform for previously undruggable transcription factor targets. AR-V7 program in castration-resistant prostate cancer advancing. Technical diligence from AstraZeneca, Pfizer, J&J underway.
100M+ protein-compound interactions profiled
Leapfrog Bio
Precision Oncology
MD Anderson-recommended for Phase 1b/2a clinical trial of its BET-inhibitor program. Goldman Sachs life science fund in Series A diligence. 28%+ TBC ownership.
MD Anderson Phase 1b/2a recommendation
FYR Diagnostics
Precision Medicine
Extracellular vesicle platform for ultra-early detection of cancer and neurodegeneration biomarkers. Partnerships with Daiichi Sankyo, Herantis, Servier, UVA. $300K NCI award.
59.6% TBC ownership across SPVs
Inimmune
Immunology
Clinical-stage allergy (INI-2004) and oncology (INI-4001) programs in human trials. ALK and Leyden Labs negotiating partnerships. Nobel Laureate Fred Ramsdell is a vocal advocate.
Phase II Chamber study planned Jan 2026
🚀 Fund I Spotlight — Enterprise AI Leader
Selector AI
Growing at ~100% year-over-year in the $27.8B AI Operations market, winning enterprise accounts including Apple, AT&T, Home Depot, United Health, and J&J at the expense of Datadog and Dynatrace. A $300M pre-money Series C term sheet received in Q3 2025 was declined as too low by founders. TBC holds 18.16% fully diluted as the largest investor. At 40–60× ARR multiples prevailing in enterprise AI, acquisition potential over the next 12–24 months is substantial.
~100%
YoY ARR Growth
$18.3M
ARR, Q3 2025
$300M+
Series C Pre-Money
Enterprise Technology & Cybersecurity
Elisity
Cybersecurity
Agentless microsegmentation for OT environments. Declined $450M acquisition offer. Secondary sale at $350M underway. Gartner "Cool Vendor." $18.3M ARR, 28-month runway.
Declined $450M — targeting higher
QuSecure
Post-Quantum Security
Only crypto-agility solution approved for classified IL6 environments. NIST 2027 mandates create non-discretionary demand. Pipeline: GSK, AT&T, MetLife, Boeing, Lockheed. Air Force TACFI winner.
Access to $100B federal funding pool
Arch Systems
Industrial AI
AI copilot for factory operations. Jabil ($23B) invested $10M and placed COO on board. Fuji invested $2M, became global distributor. ~80% YoY revenue growth.
Jabil COO on board — stated acquirer
Gravwell
Enterprise SIEM
Next-gen replacement for Splunk (Cisco: $28B). AI-native architecture winning competitive evaluations. TBC led the $15.5M Series A, August 2025. Co-investor: Ron Gula, founder of Tenable ($3.5B).
Targeting $9M ARR in 2026
Graphiant
Sovereign Networking
NaaS for the AI era. Beat Cisco for Vodafone ($15M vs $225M same scope). Saudi Telecom $1.8M win. Canva committed $1.2M–$1.3M ARR. Cash runway into 2027.
Beat Cisco at 1/15th the price — Vodafone
Numenor AI
Enterprise AI
Co-founded by Mike Abbott (ex-Apple SVP) and Mohsen Agsen (inventor of C#). Targeting $30B PLM market; GM as initial customer. TBC beat a16z — $100M pre-money offer — to co-lead seed at $43M.
TBC selected over a16z at 2.3× lower valuation
Founder Voices

What founders say when
they don't have to say anything at all.

The real measure of a venture firm is not the capital it deploys. It's the calls it takes at 4:30 in the morning. The line of credit it extends when a bank fails. The hard-to-treat cancer it refuses to abandon. These are the stories that explain why Two Bear Capital's best deal flow now comes from founder referrals.

Fund I · Oncology
Server Etum
CEO & Co-Founder
Sanavia Oncology
Developing the SANA-1 antibody platform targeting MUC-1 — overexpressed across most tumor types. Nine of the world's largest pharma companies now in active partnership discussions.
TBC Ownership
34.5%
Fund I + SPV IV
"
On The Three Capitals
"Beyond the financial capital, Mike and Two Bear brought something most investors never offer — human capital, social capital, and vision capital. Those three things changed everything for Sanavia."
What Mike Goguen brought to Sanavia was a rare combination: a network built over two decades at Sequoia that opened doors no check could buy; a PhD team who could engage at the deepest scientific level; and a belief in the company's trajectory that gave the founders clarity about what they were actually building.
"
On Vision Capital — Building the Aircraft Carrier
"Mike helped me see that Sanavia didn't have to be just a biotech company. With the right vision and the right partners, we could build an aircraft carrier — a fully integrated pharmaceutical company that owns its science, its manufacturing, its pipeline. That's a 10 to 20 year vision. Two Bear is the partner that can hold that with you."
This is what distinguishes Two Bear from a conventional investor: the intellectual capacity to co-author a long-term vision with a founder, not just fund a short-term milestone. With 9 pharma companies in active discussions and a proprietary antibody discovery engine generating hundreds of additional assets, the aircraft carrier framework is now Sanavia's roadmap.
"
On Conviction No Other VC Had
"Other VC firms would straight out tell you they want to focus on low-hanging fruit. In my conversation with Mike Goguen, he said we should focus on hard-to-treat cancers. I don't know if people understand how different that is from other VC firms — but he told me otherwise. Two Bear Capital gave me the confidence to double down and invest into an idea that I didn't think would reach such high potential."
The hardest cancers to treat are also the largest unmet medical needs — and the largest commercial opportunities. Mike's willingness to go where other VCs wouldn't is the same instinct that drove Gardent and Stem Centrics at Sequoia. It is not recklessness. It is the confidence that comes from understanding the science more deeply than anyone else in the room.
💰
Financial Capital
Lead positions averaging 22.8% ownership. SPV co-investment at identical terms. Lines of credit when banks fail. Capital when it matters most.
🤝
Human & Social Capital
20 years of Sequoia relationships. PhDs who engage at a scientific peer level. Mike's cell number — used on weekends, at 4:30am, whenever founders need it.
🔭
Vision Capital
The courage to build aircraft carriers, not rowboats. A 10–20 year lens when every other investor is counting quarters. The conviction to go after hard-to-treat cancers.
More Voices From the Portfolio
"
Elisity · Cybersecurity
James Winnebrenner — CEO & Founder
"At one point I dragged him out of bed at 4:30 in the morning to jump on a call with a CFO who was very nervous about signing a big contract with us. Mike was very willing to jump on, explain why — as an investor — he had such confidence in what we were building, and then back that up with a willingness to backstop from an investment perspective. That has always stuck with me. And I see now the way the rest of the Two Bear team is willing to jump in."
Elisity declined a $450M acquisition offer and is currently pursuing a secondary sale at a higher valuation. The culture of showing up — at any hour, for any challenge — is why founders stay loyal and refer other founders.
4:30
The hour Mike
answered the call
"
Leapfrog Bio · Precision Oncology
Greg Vontz — CEO & Founder
"Two Bear has shown themselves time and time again to be above and beyond in being there when times get tough. Once Silicon Valley Bank was actually in the process of failing, we didn't know how we were going to get through it — and they came forth with a line of credit to allow us to immediately make payroll for our employees. To me, that really is a mark of Two Bear as a standalone high-integrity group that really made a difference in our company."
When Silicon Valley Bank collapsed in March 2023, Two Bear Capital stepped in before any formal process — providing Leapfrog with immediate liquidity to protect its team. This is what high-integrity capital looks like in practice.
Day 1
TBC extended credit
during SVB collapse
"
Graphiant · Enterprise Networking
Khalid Raza — CEO
"It's the coaching and the guidance — how to build a company, how to build a successful company. I can pick up the phone and call Mike anytime, even on the weekends. I call him if I'm concerned about something."
Graphiant beat Cisco for the Vodafone contract at one-fifteenth the price and won Saudi Telecom with a revenue-share model that no incumbent could match. The coaching relationship with Mike didn't just build confidence — it built competitive strategy.
Weekends
Mike's availability
to his founders
"
Leapfrog Bio · Precision Oncology
Thomas Baback — Founder
"It's definitely a confidence builder when you have a fellow scientist who understands what you're doing and believes in it."
For deep-tech and life sciences founders, most VC meetings feel like translating a foreign language. At Two Bear, Seth Strattan, Avery Sonnenberg, Jenna Aronson, and Rachel Hislop don't need a translation. They already know the science — and that changes everything about the investor-founder relationship. Leapfrog is now advancing to MD Anderson-recommended Phase 1b/2a clinical trials with Goldman Sachs in Series A diligence.
PhD → PhD
Scientist to scientist.
No translation needed.
The Referral Flywheel
Founders who are backed by Two Bear tell other founders. That referral flywheel is now a primary source of deal flow — and a structural moat that no competing firm can replicate.
When a founder calls Mike at 4:30am and Mike answers — and when that call closes a major enterprise contract — that story spreads. When Two Bear steps in with a line of credit the day Silicon Valley Bank fails, that story spreads. When a scientist-founder feels understood for the first time by an investor, that story spreads. The result is a proprietary deal flow network that compounds with every fund cycle.
What This Means in Practice
Below-market entry valuations — founders who trust TBC give them access to rounds before they go to market
Higher allocation in competitive rounds — founders advocate for TBC's position at the table when other firms are competing
Category-defining introductions — TBC's portfolio network accelerates commercial traction for every new investment
Retention through adversity — founders don't leave TBC boards. The SVB moment is one of many that builds lifetime loyalty
The Two Bear Difference
Financial capital opens the door. Human, social, and vision capital determine what gets built behind it — and who calls you first next time they have something worth building.
Fund II

The last allocation window
before a packing problem.

Fund II is targeting $350M. The first close of $135M was held in January 2025. As Fund I trajectories strengthen — with several companies approaching exit windows — the final close is expected by year-end. This is expected to be the last fundraising effort before demand exceeds available allocation.

Fund II Overview
$350M
Target Fund Size
  • $135M first close, January 2025
  • $46.1M deployed, 7 portfolio companies
  • 22.9% average ownership per company
  • Current unrealized MOIC: 1.1×
  • 20% carried interest, standard LP terms
  • Existing LPs have first allocation priority
Co-Investment Opportunities
4
Active SPV Opportunities
  • Sanavia Oncology — SPV targeting $30–50M
  • Novoron — Alzheimer's/Parkinson's (SPV VII)
  • FYR Diagnostics — precision medicine (SPV VI)
  • Abilita Therapeutics — pharma licensing
  • 100% GP-funded; LPs invited at identical terms
  • Guaranteed minimum at LP pro-rata
Why Now
2025
The Convergence Moment
  • Deep tech × biotech now mainstream — TBC was built before the crowd
  • Fund I 2.0× MOIC, multiple exits in 12–24 month window
  • Sanavia's MUC-1 program attracting 9 major pharma firms
  • NIST post-quantum mandates driving QuSecure demand
  • Selector AI ~100% ARR growth, $300M+ Series C
  • Fund size discipline maintained — allocation tightens
Begin a Conversation
Two Bear Capital is accepting allocation requests from qualified family offices, high net worth individuals, and private equity groups for the final close of Fund II. Existing LPs have priority. SPV opportunities for Sanavia, Novoron, FYR Diagnostics, and Abilita Therapeutics will be distributed to current LPs in the near term.
mike@twobearcapital.com|twobearcapital.com