FI  Two Bear Capital

     Office Locations:

1005 Baker Avenue, Suite A
Whitefish, MT 59937
Phone: 406-885-2413



  • Early



  • Information Technology
  • Life Sciences & Healthcare
  • Software & Internet



    Two Bear Capital (TBC) is a private investment fund led by Montana philanthropist 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. With associates in Whitefish, MT, the San Francisco Bay area and San Diego, CA, TBC invests in early stage companies with disruptive innovations at the intersections of biotech, bioinformatics, machine learning / AI and cybersecurity that deliver dramatically better solutions to the most critical problems affecting human health, security and wellness. 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.



      Fund Name



    Get funds under management for this firm including Fund name, Dollar size of fund raise, and Vintage with a National Database subscription.

    Investment Firm Key

       VC = Venture Capital
       PE = Private Equity
       A = Angel
       I = Incubator
       MB = Merchant Bank
       VD = Venture Debt
       FI = Family Investment Office
       FOF = Fund of Funds
       ED = Economic Development Office   
       TT = Technology Transfer Office
       CVC = Corporate Venture Capital
       SEC = Secondary Purchaser
       HF = Hedge Fund/Mutual Fund
    Venture Capital
    Seed Stage
    (includes "pre-seed," or
    concept stage)
    No Revenue
    Early StageMinimal
    Growth Stage
    (also called Mid-stage)
    Expansion Stage
    (also called Late-stage)
    $7M and greater
    Private Equity
    Lower Middle Market$10M-$249M
    Middle Market$250M-$499M
    Upper Middle Market$500M-$1B
    Large Cap>$1B

    Investment Team:

    Name   Title
    Get the complete investment team + individual email addresses for investment team partners. Get personal images, LinkedIn links, investment specialties, office locations and more with a National Database subscription.
    Avery Sonnenberg Principal
    Ida Khodami Partner
    J. Seth Strattan Partner
    Liz Marchi Head of Community Engagement
    Mike Goguen Founder and Managing Partner


    Recent Funding Events (trailing 12 months):










      Series A





      Series A


    Portfolio companies include:

      Arch Systems

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      FYR Diagnostics


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      Leapfrog Bio

      Novoron Bioscience

      Sanavia Oncology

        web link

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