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Two Bear Capital
AddedFeb 15, 2024
UpdatedJun 28, 2026
Two Bear Capital

Two Bear Capital

Operating

Two Bear Capital: Early-stage investor in disruptive biotech and bioinformatics innovations.

Location
Whitefish, MT, US
Founded
2019
Firm
Compare
Portfolio
Employees
Website

Two Bear Capital (TBC) is an early-stage investment firm focusing on disruptive innovations at the intersections of biotech and bioinformatics. Founded and led by venture capitalist Michael Goguen, TBC operates out of Whitefish, Montana, with additional teams in the San Francisco Bay Area and San Diego. The firm typically invests in seed, Series A, and Series B rounds, supporting companies that are pioneering new technologies and approaches within their sectors.

Notable portfolio companies include Abilita Bio, Arch Systems, CIQ, Elisity, Graphiant, and TileDB, among others. Michael Goguen, a key decision-maker at TBC, brings extensive experience and a philanthropic approach to the firm's operations. TBC's investment philosophy centers on fostering groundbreaking innovations while providing strategic support and resources to its portfolio companies. The firm offers unique value-add services, leveraging its deep industry expertise and extensive networks to help startups scale effectively.

Two Bear Capital - Portfolio Snapshot

Portfolio activity breakdown across disclosed investments and stages

Total Investments13
Current Portfolio Count11
Total Portfolio Exits0

Top Investment Stages

Series A8 (61.5%)
Series B2 (15.4%)
Convertible Note1 (7.7%)
Seed1 (7.7%)
Series Unknown1 (7.7%)

Stage Mix

Series A 62%Series B 15%Convertible Note 8%Seed 8%Series Unknown 8%

Concentration shown as share of disclosed investments by stage.

Recent Investments

TileDB logo

TileDB

Graphiant logo

Graphiant

Abilita Bio logo

Abilita Bio

Arch Systems logo

Arch Systems

CIQ logo

CIQ

Selector logo

Selector

Novoron Bioscience logo

Novoron Bioscience

Elisity logo

Elisity

PulseData logo

PulseData

Inimmune logo

Inimmune

FYR Diagnostics logo

FYR Diagnostics

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Two Bear Capital - Classification

NAICS
  • 520000Finance and Insurance
  • 523000Securities, Commodity Contracts, and Other Financial Investments and Related Activities
  • 523900Other Financial Investment Activities
  • 523990All Other Financial Investment Activities
  • 523999Miscellaneous Financial Investment Activities
SIC
  • 6700Holding And Other Investment Offices
  • 6790Miscellaneous Investing
  • 6799Investors, Not Elsewhere Classified
Show 6 more industry codes
NAICS
  • 525000Funds, Trusts, and Other Financial Vehicles
  • 523910Miscellaneous Intermediation
  • 523940Portfolio Management and Investment Advice
SIC
  • 6000Depository Institutions
  • 6720Investment Offices
  • 6722Management Investment Offices, Open-end