A significant new player has emerged in the burgeoning wellness sector’s investment landscape with the final close of Crush It Ventures’ inaugural $5 million fund. Spearheaded by Jenny Liu, the former Chief Executive Officer of the exclusive, celebrity-favored fitness establishment Dogpound, this early-stage venture fund is poised to channel capital into innovative companies spanning mental health, physical fitness, beauty, and hospitality. Liu’s vision for Crush It Ventures is rooted in a keen observation of the market: a vibrant community of wellness founders, often underrepresented, struggling to secure essential funding due to limited access to established investor networks.

The Genesis of Crush It Ventures

Jenny Liu’s journey to launching Crush It Ventures is a testament to an evolving career path, transitioning from traditional finance to the dynamic world of high-end fitness, and ultimately, to venture capital. Her professional foundation was built in banking, providing her with a rigorous understanding of financial markets and investment strategies. This analytical acumen proved invaluable when she transitioned into the operational side of the wellness industry, initially as an angel investor in Dogpound. Recognizing her strategic capabilities, she later joined the company as its Chief Financial Officer, a role that deepened her understanding of business operations, growth, and brand development within a highly competitive sector.

Her tenure at Dogpound, which culminated in a two-year stint as CEO, exposed her to the intricate dynamics of brand building and community cultivation among an elite clientele. Dogpound, known for its personalized training regimens and star-studded roster, offered Liu a unique vantage point on consumer behavior, the power of experiential services, and the critical importance of fostering genuine connection. This experience solidified her belief that successful wellness brands are not merely about marketing products but about creating spaces for shared experiences, joy, and meaningful engagement. It was during this period, interacting daily with founders who were passionate about wellness innovation but often lacked robust funding pathways, that the idea for Crush It Ventures began to crystallize. Liu realized that her unique blend of financial expertise and intimate knowledge of the wellness consumer could bridge a crucial gap in the venture ecosystem, particularly for diverse entrepreneurs who often face disproportionate barriers to capital access.

Unpacking the Booming Wellness Economy

The wellness industry represents a vast and increasingly influential economic force, often intersecting with the broader health sector in areas such as sleep, nutrition, and holistic body care. This inherent overlap makes precise market valuation challenging, yet its explosive growth over the past decade is undeniable. From a historical perspective, the concept of "wellness" has evolved significantly. What was once a niche concern, often associated with alternative therapies or luxury spas, has transformed into a mainstream lifestyle movement. The late 20th century saw the rise of conventional fitness culture, followed by an increasing emphasis on mindfulness and stress reduction in the early 2000s. The digital age further propelled this evolution, integrating wearable technology, online fitness platforms, and personalized health apps into daily routines.

The past few years have witnessed an unprecedented boom, amplified by global events like the COVID-19 pandemic, which sharply refocused public attention on personal health, immunity, and mental resilience. Consumers worldwide are now prioritizing a more holistic definition of health that encompasses mental, emotional, social, and spiritual well-being, in addition to physical fitness. This shift has fueled a diverse range of trends, from the surging popularity of specialized gyms and community-centric run clubs to the widespread adoption of meditation apps and functional food products.

A comprehensive study by McKinsey & Company last year underscored the sheer scale of this economic phenomenon, revealing that the United States alone allocates over $500 billion annually to wellness-related expenditures. What is particularly striking about this market trend is the disproportionate influence of younger generations. Despite Gen Z constituting approximately 36% of the adult U.S. population, they are responsible for an outsized 41% of total wellness spending. This contrasts sharply with individuals aged 58 and older, who, despite making up around 35% of the population, account for only 28% of wellness expenditures.

This generational disparity reflects a profound cultural shift. Younger demographics are more open about discussing mental health challenges, burnout, and the importance of self-care. They seek purpose-driven brands that align with their values and actively crave authentic community experiences in an increasingly automated world. As Liu herself noted, "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. It’s also a reflection of shifting values: younger generations want purpose-driven brands and are craving real community." This analytical insight forms a cornerstone of Crush It Ventures’ investment thesis, targeting companies that resonate with these contemporary consumer demands.

Addressing Funding Disparities in Venture Capital

The broader landscape of venture capital has long been characterized by inherent challenges, particularly for emerging fund managers and solo General Partners. The vast majority of venture capital continues to flow into established firms, often reinforcing existing networks and investment patterns. For new funds, especially those led by women or minorities, the path to securing limited partner (LP) commitments can be exceptionally arduous. Studies consistently show a significant disparity in funding for women-led and minority-led ventures, with these groups receiving only a fraction of overall venture capital despite often demonstrating comparable or superior returns. This systemic imbalance creates a substantial "funding gap," hindering innovation and limiting the growth potential of promising businesses.

Jenny Liu embarked on her fundraising journey for Crush It Ventures in 2024, a period she described as "cautious" within the venture capital ecosystem. Despite this challenging environment, she observed a burgeoning interest in the wellness sector, particularly from LPs actively seeking more diverse, mission-driven funds. This trend suggests a growing awareness among institutional investors of both the social imperative and the untapped economic potential of supporting underrepresented founders. Liu leveraged her extensive professional network, cultivated through her years in banking and her high-profile role at Dogpound, to navigate these waters. Her ability to articulate a clear investment thesis rooted in her firsthand experience, combined with a compelling commitment to fostering diversity, proved instrumental in attracting the necessary capital.

Crush It Ventures aims to directly address these funding disparities by actively seeking out and backing underrepresented founders. The fund’s strategy is not merely altruistic; it is an analytical response to market inefficiencies. By investing in a segment historically overlooked by mainstream venture capital, Crush It Ventures positions itself to capture value from innovative companies that might otherwise struggle to scale. This approach aligns with a broader trend in impact investing, where financial returns are pursued alongside measurable social or environmental benefits.

Crush It Ventures’ Investment Strategy and Vision

Crush It Ventures is designed to be an agile and impactful early-stage investor within the dynamic wellness ecosystem. The fund plans to deploy capital through typical check sizes ranging from $100,000 to $250,000, aiming to build a diversified portfolio of between 20 and 25 companies. This targeted approach allows the fund to provide meaningful initial capital to startups while maintaining a diversified risk profile across various sub-sectors of wellness.

The fund’s investment thesis is broad yet focused, encompassing a wide array of wellness categories. Mental health initiatives, for instance, could include digital therapeutics, mindfulness platforms, or accessible therapy solutions. In fitness and sport, investments might span innovative wearable technologies, personalized training programs, or community-centric athletic experiences. The beauty sector could see investments in sustainable, clean beauty brands, personalized skincare, or holistic aesthetic services. Furthermore, the hospitality sector offers opportunities in experiential wellness retreats, healthy culinary concepts, or innovative co-living spaces that promote well-being.

Crush It Ventures has already begun deploying its capital, having invested in 18 companies to date. Notable examples include Elemind, a wearable technology company focused on cognitive enhancement and improved sleep through neuro-stimulation, and Caliwater, a consumer packaged goods (CPG) business specializing in functional beverages derived from prickly pear cactus. These initial investments exemplify the fund’s commitment to supporting companies that blend innovation with a clear focus on enhancing personal well-being and lifestyle. Liu anticipates deploying the remainder of the fund’s capital within the next 12 to 18 months, indicating a proactive and rapid investment pace.

Liu’s philosophy, deeply informed by her time at Dogpound, emphasizes the critical role of brand building and community development in scaling businesses. Crush It Ventures is not just providing capital; it aims to be a strategic partner, offering expertise in marketing, community engagement, and operational scaling. "We want to help close the gap in wellness funding 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," Liu articulated. This holistic approach to investment underscores the fund’s dual mission: generating financial returns while fostering a more equitable and impactful wellness industry.

In a rapidly evolving world where the definition of health continues to expand, Crush It Ventures stands as a compelling example of how venture capital can be strategically deployed to not only capitalize on market trends but also to cultivate a more inclusive and purpose-driven entrepreneurial landscape. By empowering founders who are often overlooked, Jenny Liu and Crush It Ventures are poised to shape the future of wellness, proving that social impact and financial success can, and should, go hand in hand.