Capital F has closed its debut venture fund at $17 million to invest in early-stage technology companies serving what the firm describes as the $15 trillion female economy. The San Francisco-based venture capital firm invests at the pre-seed and seed stages across health and wellness, AI and technology, and digital commerce. Capital F was founded by longtime operators and investors Dawn Dobras and Margaret Coblentz.
The firm was created around the thesis that women represent one of the largest underserved opportunities in venture capital, influencing an estimated 85% of consumer spending while many markets serving women remain underfunded and underdeveloped.
Capital F has already invested in approximately 13 companies spanning women’s health, commerce infrastructure and applied AI.
Within health and wellness, the firm is targeting businesses addressing areas including reproductive health, sleep, preventive care and other markets where it sees significant unmet needs.
Its AI and technology strategy focuses on software and AI platforms designed to make women’s lives more efficient and informed at work and at home.
Capital F’s digital commerce investments target infrastructure and consumer platforms that influence how women discover products, shop, save, and spend.
The portfolio includes Xella Health, which combines menstrual fluid analysis and AI to provide reproductive health insights.
Capital F has also backed Heatseeker, an AI-powered synthetic audience research company whose customers include Salesforce and Bain.
Other investments include reproductive telemedicine provider Hey Jane and Stardust, a cycle and hormone tracking platform with more than 1.1 million weekly active users.
Capital F was also an investor in Big Sur AI, an AI-powered e-commerce platform that was acquired by Google.
The firm’s founders bring significant operating experience from consumer and e-commerce companies.
Dobras previously served as CEO of Credo Beauty, where she helped drive approximately fourfold revenue growth.
Earlier in her career, she launched and scaled OldNavy.com from zero to more than $200 million in revenue.
Coblentz previously founded and exited luxury direct-to-consumer company Frances Austen.
She also helped grow Charlotte Russe’s e-commerce business from approximately $20 million to more than $90 million.
Capital F has structured its limited partner base to provide portfolio companies with access to experienced executives and operators.
Investors include executives and employees associated with companies including Netflix, Apple, Rothy’s, Cotopaxi, Old Navy, Godiva, Starbucks, HOKA, Pottery Barn and Life360.
Approximately 85% of Capital F’s limited partners are women.
The firm sees that network as an additional resource for founders beyond the capital it provides, offering access to operators with experience building and scaling major consumer and technology businesses.
With its first fund closed, Capital F plans to continue backing founders building products and platforms that address large markets influenced by women’s spending, healthcare decisions, work and household needs.
“Women influence trillions in economic activity, yet too many of the markets that matter most to them remain underbuilt and underfunded. We launched Capital F to back exceptional founders solving real problems in large markets, and to bring operator experience to the earliest stages where it matters most.”
Dawn Dobras, Co-Founder And General Partner Of Capital F
“We are founder-first and thesis-driven. Our experience building and scaling businesses gives us a practical lens on what it takes to create enduring companies. We are proud of what we’ve built so far and excited to support the next generation of breakout founders.”
Margaret Coblentz, Co-Founder And General Partner Of Capital F
“Dawn and Margaret understand what it takes to build enduring consumer brands because they’ve done it themselves. They bring rare operator judgment, pattern recognition, and deep empathy for founders. I’m proud to support a firm backing the next generation of transformative companies.”
Jenny Ming, CEO Of Rothy’s And Limited Partner In Capital F
