San Francisco, CA / Aug 27, 2026 / Capital F
Capital F, an early-stage venture capital firm investing in technology companies serving the $15 trillion female economy, today announced the close of its debut fund at $17 million. The firm invests at the pre-seed and seed stages in founders building high-growth businesses across Health & Wellness, AI & Technology, and Digital Commerce.
Founded by longtime operators and investors Dawn Dobras and Margaret Coblentz, Capital F was built on the belief that one of the most powerful and overlooked opportunities in venture capital is the female economy – the segment responsible for an estimated 85% of consumer spending, yet historically underserved by products, services, and investment capital. Since launching, the firm has actively deployed capital into approximately 13 companies and built an early portfolio spanning women’s health, commerce infrastructure, and applied AI.
Capital F focuses on three core areas of investment:
- Health & Wellness – Companies improving outcomes and quality of life in historically underserved markets, including reproductive health, sleep, and preventive care.
- AI & Technology – Software and AI platforms making women’s lives easier, more efficient, and more informed at work and at home.
- Digital Commerce – Infrastructure and consumer platforms supporting how women discover, buy, save, and spend.
“Women influence trillions in economic activity, yet too many of the markets that matter most to them remain underbuilt and underfunded,” said Dawn Dobras, Co-Founder and General Partner of Capital F. “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.”
Margaret Coblentz, Co-Founder and General Partner of Capital F, added: “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.”
Dobras and Coblentz bring decades of operating and investing experience to the firm. Dobras is the former CEO of Credo Beauty, where she drove 4x revenue growth, and previously launched and scaled OldNavy.com from zero to more than $200 million in revenue. Coblentz is a seasoned investor and operator who founded and exited luxury direct-to-consumer brand Frances Austen and previously helped scale e-commerce growth at Charlotte Russe from $20 million to more than $90 million.
Capital F’s early portfolio includes:
- Xella Health, a reproductive health platform using menstrual fluid analysis and AI for personalized insights
- Heatseeker, an AI-powered synthetic audience research company with blue-chip customers including Salesforce and Bain
- Big Sur AI – an AI-powered e-commerce platform acquired by Google
- Hey Jane, a leading telemedicine provider focused on reproductive care
- Stardust, a fast-growing cycle and hormone tracking platform with more than 1.1 million weekly active users
Capital F has also built an LP base that reflects the opportunity it is pursuing. Nearly 85% of the firm’s limited partners are women, a rare milestone in venture capital, where women historically represent less than 20% of LPs industrywide. Investors in the fund include executives and employees from leading companies such as Netflix, Apple, Rothy’s, and Cotopaxi.
“Dawn and Margaret understand what it takes to build enduring consumer brands because they’ve done it themselves,” said Jenny Ming, CEO of Rothy’s, former CEO of Old Navy, former CEO of Charlotte Russe, and board member of Levi Strauss & Co. and Kaiser Permanente, and a limited partner in Capital F. “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.”
To learn more, visit Capital F.
Capital F is an early-stage venture capital firm investing in founders building technology companies for the $15 trillion female economy. The firm invests at the pre-seed and seed stages across Health & Wellness, AI & Technology, and Digital Commerce, partnering with entrepreneurs creating products and platforms that improve how women live, work, shop, and care for themselves and their families. Founded by veteran operators and investors Dawn Dobras and Margaret Coblentz, Capital F combines decades of company-building experience with a differentiated investment thesis to help founders build the next generation of market-leading companies. Headquartered in San Francisco, Capital F manages $17 million in assets under management.
Press ContactJen Burke
jen@gradyburkepr.com
Capital F
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