Crush It Ventures launches $5 million fund for wellness startups

On Thursday, Crush It Ventures announced the final close of its $5 million Fund I. Founded by Jenny Liu, the former CEO of the gym Dogpound, the wellness-focused early-stage fund intends to invest in companies across the wellness sector. Liu, operating as a female solo GP (a General Partner operating a fund alone), started fundraising in 2024. The firm hopes to back companies building across the wellness sector, including in mental health, fitness and sport, beauty, and hospitality, with a specific mission to support underrepresented founders. According to Liu, the fund aims to help close the funding gap for women and minority founders who often struggle to access traditional networks.

The launch comes amid a significant shift in consumer spending toward personal well-being. According to a study by management consulting firm McKinsey, the U.S. alone spends more than $500 billion annually on wellness. This spending is increasingly driven by younger consumers who are openly addressing issues like mental health and burnout. The McKinsey study highlighted a stark demographic contrast in the U.S. market:

• Gen Z makes up 36% of the adult U.S. population but accounts for over 41% of wellness spending.
• In contrast, consumers aged 58 and older make up around 35% of the U.S. population but account for 28% of wellness spending.

Crush It Ventures typically writes checks of $100,000 to $250,000, aiming to invest in between 20 and 25 companies. So far, the firm has invested in 18 companies, including wearable tech company Elemind and consumer packaged goods business Caliwater. Liu hopes to deploy these checks within the next 12-18 months. She plans to leverage her experience at Dogpound, where she worked with founders and celebrities around the world, to help portfolio companies build brands and communities. “As we automate more with technology in our daily lives, we’re valuing experiences and products that foster real connection and long-term well-being,” Liu said. The fund raised its capital from LPs (Limited Partners, who are the investors in a venture fund) looking for diverse, mission-driven funds.

Why it matters

The fund highlights a growing investor appetite for mission-driven wellness brands, specifically targeting the demographic shift where younger generations prioritize purpose and community over traditional fitness models.