Two Bear Capital
SlowingFiled to raiseWhitefish, MTBiotech & pharma, Cybersecurity, AI & machine learningLast fund filed 2025
1 on a current fund
last 24 months
across filed funds
| Vehicle | Filed | Target | Sold to date | Investors |
|---|---|---|---|---|
| TWO BEAR CAPITAL FUND II | 2025 | Indefinite | $123M | 31 |
| TWO BEAR CAPITAL SEED FUND I | February 2021 | Indefinite | $13M | 9 |
| TWO BEAR CAPITAL FUND IFiled to raise in 2021, with no closing reported yet. | 2021 | Indefinite | $0 | 0 |
Amounts are Item 13 as filed: the target is the whole offering, and the amount sold is cumulative across amendments rather than a final close. The filing carries no per-investor amount, so a firm’s own cheque is not recoverable here.
1 partner is named across this firm’s filings, 1 of them on a fund it is deploying now.
| Partner | Activity | Categories | Board seats | Last 24mo |
|---|---|---|---|---|
| Michael Goguen | Slowing | Biotech & pharma, Cybersecurity, AI & machine learning | 9 |
Categories of Two Bear Capital’s own portfolio companies, based on 9 with a verified or cited source.
| Firm | Shared boards | Companies |
|---|---|---|
| 9Yards Capital | 1 | R2 SEMICONDUCTOR |
| Allegis Capital | 1 | Elisity |
| Cyber Innovation Partners | 1 | Elisity |
| Nexus Venture Partners | 1 |
| 1 |
Activity is filed board seats in the last 24 months: 4+ Active, 2–3 Selective, 1 Slowing, none Quiet. A firm's tier totals its partners, so an active firm may be four partners with one seat each. It undercounts partners who invest without taking a board seat, and filings lag a closing by weeks, so Quiet means the paperwork is quiet, not the person.
Not a filing value: this is Lev’s own classification of each company, one company one vote regardless of how many of Two Bear Capital’s partners are named on its board, shown only when we found a specific, checkable source. Companies with no source read as unclassified and are left out of the shares above.
| TileDB |
| Salience Capital Partners | 1 | QUANTENNA COMMUNICATIONS |
| Uncork Capital | 1 | Arch Systems |
| Walden Catalyst Ventures | 1 | QUANTENNA COMMUNICATIONS |
| Wrvi Capital | 1 | QUANTENNA COMMUNICATIONS |
A shared board seat: a company where filings name a Two Bear Capital partner and a partner at the other firm, both with a clean identity match. Not a claim either firm led or co-led the round, only that both are named on the same board.