Jenny Liuformer CEO of exclusive, celebrity-favorite gym Dogpound, said there were two reasons she wanted to start her own venture fund.
First, she was surrounded by wellness founders at her local gym who loved trying new products and building community. Second, Liu also realized that many of these founders, especially women and minorities, struggled to get their ideas funded because of limited access to founder networks.
To bridge this gap, he started Crush It Venturesan early-stage fund focused on wellness. The company hopes to support companies developing across the wellness sector, including mental health, fitness and sports, beauty and hospitality. On Thursday, it announced the final close of a $5 million Fund I.
The wellness industry often overlaps with the health sector (such as sleep and body health), which makes it quite difficult to assess how big it really is. However, wellness trends have flourished in recent years. Gyms have become a Gen Z obsessionand the same they run clubs.
A McKinsey found a study from last year that the US alone spends more than $500 billion annually on wellness. Young people in particular have become big spenders as they continue to talk openly about mental health and burnout. The McKinsey report stated that although Gen Z makes up 36% of the US adult population, they are responsible for over 41% of wellness spending. This compares to people age 58 and older, who make up about 35% of the US population but account for 28% of wellness spending.
Liu believes this area has become so popular because people are realizing that health is more than physical fitness – it also includes mental, emotional and social well-being. “As we automate more technology in our daily lives, we value experiences and products that foster real connection and long-term well-being,” he said. “It’s also a reflection of changing values: younger generations want purpose-driven brands and crave real community.”
Liu said she began raising the fund in 2024. Although the environment was “cautious,” she said, there was a growing interest in wellness, “particularly from LPs looking for more diverse, mission-driven funds.” The environment for new funds he’s still tough (especially for a female solo GP) as most capital continues to flow to the top firms.
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Liu declined to share the name of the LPs at the fund, but said she was able to break in as a new fund manager by leaning on her network. He has a background in banking before becoming an angel investor in the gym, later becoming CFO. During her decade there, she was CEO for two years.
At Dogpound, he worked with founders and celebrities around the world. “I learned that brand building is not just about marketing a product or service, but about creating a space for shared experiences, joy and genuine connection,” she said, adding that her fund wants to help founders build their brand and communities as they scale their businesses.
Crush It plans to typically write checks of $100,000 to $250,000 and invest in 20 to 25 companies, he said. So far, the company has invested in 18 companies, including the wearable technology company Elemind and CPGs Calimonero. It hopes to develop all controls within the next 12-18 months.
“We want to help close the wellness funding gap for underrepresented founders, build stronger founder networks, and show that purpose- and community-driven companies can scale and make a meaningful difference in health and lifestyle,” he said.
