Jenny Liu, former CEO of exclusive, celebrity-favorite gym Dogpound, said there were two reasons she wanted to start her own venture fund.
For one, she was surrounded by wellness founders at her local gym who loved testing new products and building community. Second, Liu also realized that many of these founders, especially women and minorities, were struggling to fund their ideas due to limited access to founder networks.
To bridge this gap, she launched Crush It Ventures, a wellness-focused early-stage fund. The firm hopes to back companies building across the wellness sector, including in mental health, fitness and sport, beauty, and hospitality. On Thursday, it announced the final close of a $5 million Fund I.
The wellness industry often overlaps with the health sector (like sleep and body health), making it quite hard to estimate how big it truly is. Nonetheless, wellness trends have been booming in the past few years. Gyms have become a Gen Z obsession, and so have run clubs.
A McKinsey study from last year found that the U.S. alone spends more than $500 billion a year on wellness. Young people in particular have become big spenders as they continue to openly talk about mental health and burnout. The McKinsey report said that though Gen Z makes up 36% of the adult U.S. population, they are responsible for over 41% of wellness spending. This is compared to those 58 and older, who make up around 35% of the U.S. population, yet account for 28% of wellness spending.
Liu believes this area has become so popular because people are realizing that health is more than just physical fitness — it also involves mental, emotional, and social well-being. “As we automate more with technology in our daily lives, we’re valuing experiences and products that foster real connection and long-term well-being,” she said. “It’s also a reflection of shifting values: younger generations want purpose-driven brands and are craving real community.”
Liu said she started raising the fund in 2024. Though the environment was “cautious,” she said, there was a growing interest in wellness, “especially from LPs looking for more diverse mission-driven funds.” The environment for new funds is still tough (especially for a woman solo GP) as most of the capital continues to flow to the top firms.
Liu declined to share the name of the LPs in the fund but said she was able to break through as a new fund manager by leaning into her network. She has a background in banking before angel investing in the gym, later joining as CFO. During her decade there, she was CEO for two years.
At Dogpound, she worked with founders and celebrities around the world. “I learned that brand building is not just about marketing a product or service, but about creating a space for shared experiences, joy, and genuine connection,” she said, adding that her fund is keen on helping founders build their brand and communities as they scale their businesses.
Crush It plans to typically write checks of $100,000 to $250,000, and invest in between 20 and 25 companies, she said. So far, the firm has invested in 18 companies, like the wearable tech company Elemind and CPG business Caliwater. She hopes to deploy all of the checks within the next 12-18 months.
“We want to help close the gap in wellness funding for underrepresented founders, build stronger founder networks, and show that purpose and community-driven companies can scale and make a meaningful difference in health and lifestyle,” she said.
