Jenny Liu, former CEO of Dogpound, a luxury gym frequented by celebrities, said she wanted to start her own venture fund for two reasons.
As an example, she surrounded herself with wellness founders who love testing new products and building communities at local gyms. Second, Liu also found that many of these founders, especially women and minorities, struggle to get their ideas funded due to limited access to founder networks.
To fill this gap, she launched Crush It Ventures, an early stage fund focused on wellness. The company wants to help businesses across the wellness space, including mental health, fitness and sports, beauty, and hospitality. On Thursday, the company announced the final close of its $5 million Fund I.
The true size of the wellness industry is very difficult to estimate, as it often overlaps with the health sector (such as sleep and physical health). Nevertheless, wellness trends have been booming in recent years. Gyms are a passion for Gen Z, and clubs are also running.
A McKinsey study last year found that the United States alone spends more than $500 billion annually on wellness. Young people in particular continue to openly talk about mental health and burnout, and are big spenders. Gen Z makes up 36% of the U.S. adult population, but is responsible for more than 41% of wellness spending, according to a McKinsey report. By comparison, people age 58 and older, who make up about 35% of the U.S. population, account for 28% of wellness spending.
Liu believes the field has become so popular because people recognize that health is more than just physical fitness, it also includes mental, emotional and social well-being. “As technology becomes increasingly automated in our daily lives, we are focusing on experiences and products that foster true connection and long-term well-being,” she said. “This is also a reflection of changing values: Younger generations want purpose-driven brands and crave authentic community.”
Mr. Liu said he started raising funds in 2024. He said the environment was “cautious,” but there was growing interest in wellness “particularly from LPs looking for more diverse mission-driven funds.” The environment for attracting new capital remains challenging, especially for female solo GPs, as the majority of capital continues to flow to top companies.
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Liu declined to name the LPs in the fund, but said he was able to make a breakthrough as a new fund manager by relying on his network. She had a background in banking before angel investing in Jim and later joined as CFO. During her 10 years there, she served as CEO for two years.
At Dogpound, she worked with founders and celebrities from around the world. “I learned that building a brand is not just about marketing a product or service, but about creating a space to share experiences, joy, and genuine connections,” she said, adding that her fund is passionate about helping founders build brands and communities as they scale their businesses.
Crash It typically writes checks of $100,000 to $250,000 and plans to invest in 20 to 25 companies. The company has invested in 18 companies so far, including wearable technology company Elemind and consumer goods business Kaliwater. She hopes to have all the checks in place within the next 12 to 18 months.
“We want to close the wellness funding gap for underrepresented founders, build a stronger founder network, and show that purpose- and community-driven companies can scale and drive meaningful change in health and lifestyles,” she said.