What If Ventures

ActiveVenture Capital

Updated: Dec 5, 2025 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Oct 1, 2025	Avid AI	$7.0M Seed	—	Austin Ventures, Capital Factory, Interlock Partners
Jul 1, 2025	Journey Live	$8.0M Series A	—	Alumni Ventures, Canaan Partners, Jenny Fielding, Scott Hartley, Trace Cohen, Rubicon VC
Jun 1, 2025	Wisq	$15.0M Series A	—	Norwest Venture Partners, Shasta Ventures, True Ventures
May 1, 2025	Koala Health	$20.0M Series B	—	305 Ventures, FirstMark Capital, Section 32, Valia Ventures, Andy Coravos
Mar 1, 2025	Kela Technologies	$28.0M Series A	—	Felicis Ventures, General Catalyst, Lux Capital, Original Capital, Salesforce Ventures, sequel, Sequoia Capital, Susa Ventures, TechAviv Founder Partners, Torch Capital, Tribe Capital, Walden International, Zigg Capital, Chafic Kazoun, Cory Levy, Gokul Rajaram, Jeff Hammerbacher, Liu Jiang, Mei Z., Michael Stoppelman, Scott Banister
Mar 1, 2025	Proscia	$50.0M Series D	—	Alumni Ventures, Day One Ventures, Aniq Kassam, Fusion Fund, Hummingbird Ventures, Indicator Ventures, Insight Partners, Pareto Holdings, TSVC Capital, Valhalla Ventures, Bradley Horowitz, Matt Mickiewicz
Feb 1, 2025	Lingopal	$14.0M Series A	—	DCM, Felicis Ventures, Original Capital, sequel, Sequoia Capital, Tribe Capital, Cory Levy, Gokul Rajaram, Liu Jiang, Mei Z., Michael Stoppelman
Feb 1, 2025	TECLens	$9.0M Series A	—	Johnson & Johnson Innovation
Jan 1, 2025	Ashvattha Therapeutics	$50.0M Series B	—	Stuart Peterson, Vasudev Bailey, BoxOne Ventures, Felicis Ventures, Original Capital, sequel, Sequoia Capital, Social Capital, Tribe Capital, Unless, Cory Levy, Gokul Rajaram, Liu Jiang, Mei Z., Michael Stoppelman
Jan 1, 2025	Firehawk Aerospace	$60.0M Series C	—	Afore Capital, Ultratech Capital Partners
Jan 1, 2025	Justpoint	$45.0M Series A	—	Lightbank, Right Side Capital Management, 01 Advisors, 9Yards Capital, AAF Management Ltd., Afore Capital, AirAngels, Akshay Kothari, Ali Moiz, Andreessen Horowitz, Antiportfolio Ventures, Backed VC, Basecamp Fund, Basecase Capital, Bradley Horowitz, Brainchild, Brendan O'Driscoll, Chris Smoak, CrunchFund, Divergent Capital, Evan Cheng, Factorial, Flybridge Capital Partners, Founder Collective, George Burke, Hoxton Ventures, Incisive Ventures, KW Angel Fund, LGF, Long Journey Ventures, Mario Gabriele, Matteo Franceschetti, Matthew Dellavedova, Moshe Lifschitz, Pioneer Square Labs, Scott Banister, Scott Belsky, Shrug Capital, Stellation Capital, Supernode Ventures, Symbolic Capital, Todd and Rahul's Angel Fund, Uncork Capital, Vivek Garipalli, VZVC, Wave Capital, Weekend Fund
Jan 1, 2025	Rad AI	$60.0M Series C	—	Fontinalis Partners, Founders Fund, Kickstart Fund, Presight Capital, Sierra Point Ventures, Transformation Capital, TTV Capital, Anne Wojcicki
Nov 1, 2024	Writer	$200.0M Series C	—	Accel, Amity Ventures, Vasudev Bailey, Balderton Capital, Cherry Ventures, Citi Ventures, Flex Capital, Foundation Capital, Gradient Ventures, Highland Capital Partners, Hoxton Ventures, HV Capital, ICONIQ Capital, Insight Partners, Mayfield, Motier Ventures, Origins, Outrun Ventures, Pieter Kemps, Questa Capital, Radical Ventures, Recall Capital, Ribbit Capital, Sapphire Ventures, The House Fund, Frederic Kerrest, Gokul Rajaram, Kaushik Subramanian, Mario Götze, Michael Baum
Nov 1, 2024	Aizen Therapeutic	$13.0M Seed	—	Digitalis Ventures, Madrona Ventures, Scalebridge Capital, Two Sigma Ventures
Oct 1, 2024	Terray Therapeutics	$120.0M Series B	—	8VC, Digitalis Ventures, Felicis Ventures, Madrona Ventures, Nextech Invest, Original Capital, Scalebridge Capital, sequel, Sequoia Capital, The Column Group, Tribe Capital, Two Sigma Ventures, Cory Levy, Gokul Rajaram, Liu Jiang, Mei Z., Michael Stoppelman
Oct 1, 2024	Integrated Biosciences	$17.0M Seed	—	Felicis Ventures, Olima Ventures, Original Capital, sequel, Sequoia Capital, Tribe Capital, Cory Levy, Gokul Rajaram, Liu Jiang, Mei Z., Michael Stoppelman
Oct 1, 2024	Vultron	$5.0M Seed	—	Accel, Afore Capital, AirAngels, Blackbird Ventures Australia, Buckley Ventures, Craft Ventures, Felicis Ventures, Footwork, Khosla Ventures, LGF, Next Play Ventures, Open AI Startup Fund, Original Capital, sequel, Sequoia Capital, Tribe Capital, Cory Levy, Gokul Rajaram, Justin Mateen, Liu Jiang, Mei Z., Michael Stoppelman, Paul Graham
Sep 1, 2024	Crisp	$17.0M Series B	—	305 Ventures, FirstMark Capital, Section 32, Valia Ventures, Andy Coravos, Yumin Choi
Aug 1, 2024	Howbout	$8.0M Series A	—	Felicis Ventures, Goodwater Capital, Lightspeed Venture Partners, Hans Tung, Original Capital, Penglan, sequel, Sequoia Capital, Tribe Capital, Cory Levy, Gokul Rajaram, Liu Jiang, Mei Z., Michael Stoppelman
Aug 1, 2024	Fortera	$85.0M Series C	—	Highbury Group, Khosla Ventures, VZVC
Aug 1, 2024	Levels	$10.0M Series A	—	01 Advisors, AAF Management Ltd., AirAngels, Andreessen Horowitz, Backed VC, Basecamp Fund, Brainchild, CrunchFund, Founder Collective, Frst, Highbury Group, IDInvest Partners, Incisive Ventures, Khosla Ventures, KW Angel Fund, Long Journey Ventures, Pioneer Square Labs, Redpoint Ventures, Shrug Capital, Stellar Capital, Supernode Ventures, Todd and Rahul's Angel Fund, VZVC, Wave Capital, Bradley Horowitz, Brendan O'Driscoll, Mario Gabriele, Matteo Franceschetti, Matthew Dellavedova, Moshe Lifschitz, Scott Banister
Aug 1, 2024	Slingshot AI	$30.0M Seed	—	01 Advisors, 11, 1984 Ventures, AAF Management Ltd., AirAngels, AIX Ventures, American Express Ventures, Andreessen Horowitz, Backed VC, Basecamp Fund, Bessemer Venture Partners, Bling Capital, Brainchild, CrunchFund, E1 Ventures, Felicis Ventures, First Round Capital, Forerunner Ventures, Founder Collective, Future Shape, General Catalyst, GIT1K, Health Velocity Capital, Icebreaker.vc, Incisive Ventures, Innovation Endeavors, K2 Global, KW Angel Fund, Left Lane Capital, Lerer Hippeau, Lightspeed Venture Partners, Long Journey Ventures, Lux Capital, Maven Ventures, Original Capital, Pioneer Square Labs, sequel, Sequoia Capital, Shrug Capital, Social Capital, Solana Ventures, Soma Capital, Supernode Ventures, Swift Ventures, The House Fund, Todd and Rahul's Angel Fund, Tribe Capital, VZVC, Wave Capital, Y Combinator, Adeel Hussain, Anne Wojcicki, Bradley Horowitz, Brendan O'Driscoll, Chris Eyre, Cory Levy, David J. Phillips, Deborah Liu, Gokul Rajaram, Liu Jiang, Manuel Bronstein, Mario Gabriele, Markus Villig, Matteo Franceschetti, Matthew Dellavedova, Mattia Astori, Mei Z., Michael Stoppelman, Mo El-Bibany, Moshe Lifschitz, Nate Matherson, Nitay Joffe, Paul Graham, Sam Altman, Scott Banister, Siddharth Singhal, Timothy A. Springer
Jul 1, 2024	Q Bio	$27.0M Venture Round	—	305 Ventures, Amadeus Capital Partners, FirstMark Capital, Khosla Ventures, NFX, Point72 Ventures, RX3 Growth Partners, Section 32, Valia Ventures, VZVC, Andy Coravos, Kevin Hart, Yumin Choi
Jul 1, 2024	TMRW Life Sciences	$28.0M Series D	—	Vasudev Bailey, Highland Capital Partners, Hoxton Ventures, Pieter Kemps, Questa Capital, Radical Ventures, The House Fund, Michael Baum
Jul 1, 2024	Legacy	$8.0M Venture Round	—	Accomplice, Accomplice VC, FirstMark Capital, Founders Fund, Practical Venture Capital, Presight Capital, Stride VC, Transformation Capital, Andrei Dunca, Anne Wojcicki, Ben Barokas, Esther Dyson

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at What If Ventures.

Leadership Team

Key people at What If Ventures.

Deep Dive

High-Level Overview

What If Ventures is a venture capital firm founded in 2020 that focuses on investing in startups addressing stigmatized healthcare issues, particularly in mental health and addiction recovery. Its mission centers on supporting transformative technologies that improve human health and freedom, with an emphasis on affordable, accessible, and effective care. The firm invests primarily in HealthTech, MedTech, digital health, and biotech sectors, deploying over $95 million across more than 80 startups, including notable companies like Alto Neuroscience and Affect Therapeutics. What If Ventures also runs an 8-week accelerator program to foster innovation in digital and mental health, thereby playing a significant role in advancing solutions for complex healthcare challenges[1][2][3].

Origin Story

Founded in 2020 by Stephen Hays, What If Ventures emerged from his personal journey overcoming addiction and mental health struggles. Motivated by his experiences, Hays established the firm to back entrepreneurs developing impactful solutions in these underserved areas. Since its inception, the firm has grown its syndicate to over 4,100 members and expanded its investment portfolio to include over 85 startups. The focus has evolved to include a broader range of health and wellness technologies, alongside defense and AI sectors, reflecting a commitment to mission-driven innovation[1][2][3].

Core Differentiators

Unique Investment Model: What If Ventures operates a large syndicate model with thousands of members, enabling broad capital access and community engagement.
Network Strength: The firm leverages a vast network of investors and industry experts, enhancing deal flow and support for portfolio companies.
Track Record: With over $95 million invested in 80+ startups since 2020, the firm has demonstrated strong commitment and impact in mental health and healthcare innovation.
Operating Support: Beyond capital, What If Ventures offers an 8-week accelerator program focused on digital and mental health startups, providing mentorship and resources to accelerate growth[1][2][3].

Role in the Broader Tech Landscape

What If Ventures rides the growing trend of destigmatizing mental health and addiction treatment through technology. The timing is critical as digital health solutions gain mainstream acceptance, and healthcare systems seek scalable, personalized, and affordable care models. Market forces such as increased public awareness, regulatory support for digital therapeutics, and advances in biotech favor the firm’s focus areas. By investing in pioneering companies developing psychiatric drugs, digital pharmacies, and behavioral health platforms, What If Ventures influences the broader ecosystem by accelerating innovation and adoption of new healthcare paradigms[1][2][3].

Quick Take & Future Outlook

Looking ahead, What If Ventures is poised to expand its influence by continuing to back cutting-edge startups in mental health, biotech, and digital health, potentially increasing investments in psychedelic drug development and AI-driven healthcare solutions. Trends such as personalized medicine, telehealth expansion, and integration of biomarkers in psychiatric treatment will shape their portfolio’s trajectory. The firm’s growing syndicate and accelerator programs suggest a scalable model for supporting early-stage innovation, positioning it as a key player in transforming healthcare delivery and outcomes globally[1][2][3].

Sources

High-Level Overview

Origin Story

Core Differentiators

Unique Investment Model: What If Ventures operates a large syndicate model with thousands of members, enabling broad capital access and community engagement.
Network Strength: The firm leverages a vast network of investors and industry experts, enhancing deal flow and support for portfolio companies.
Track Record: With over $95 million invested in 80+ startups since 2020, the firm has demonstrated strong commitment and impact in mental health and healthcare innovation.
Operating Support: Beyond capital, What If Ventures offers an 8-week accelerator program focused on digital and mental health startups, providing mentorship and resources to accelerate growth[1][2][3].