Jenny LiuThe former CEO of the exclusive, celebrity-favorite gym Dogpound, said there were two reasons he wanted to start his own venture fund.
For one, he’s surrounded by health founders at his local gym who love trying new products and building community. Second, Liu also realized that many of these founders, especially women and minorities, struggle to fund their ideas due to limited access to founder networks.
To overcome this gap, he started Love It Venturesan early stage fund that focuses on healthcare. The company hopes to build companies in the health sector, including mental health, fitness and sports, beauty, and hospitality. On Thursday, it announced the final closing of the $5 million Fund I.
The health industry often overlaps with the health sector (such as sleep and body health), making it difficult to estimate how big it is. However, health trends have boomed in the past few years. Gyms have it it’s a Gen Z obsessionand it has been run a club.
A McKinsey learn from last year’s encounter that the US alone spends more than $500 billion a year on healthcare. Young people in particular have become big spenders as they continue to talk about mental health and burnout. A McKinsey report says that while Gen Z makes up 36% of the US adult population, they are responsible for more than 41% of healthcare spending. This compares to those 58 and older, who make up about 35% of the US population, but spend 28% on healthcare.
Liu believes this area has become popular because people are realizing that health is more than just physical fitness – it also includes mental, emotional, and social well-being. “As we automate more and more with technology in our daily lives, we value experiences and products that promote real relationships and long-term well-being,” he said. “It’s also a reflection of changing values: the younger generation wants purpose-driven brands and wants a real community.”
Liu said he will start raising funds in 2024. Although the environment is “cautious,” he said, there is a lot of interest in Kamping, “especially from LPs looking for more diverse mission-driven funds,” he told TechCrunch. Environment for new funds still difficult (mainly for female solo GP) because most of the capital continues to flow to the top firms.
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Liu declined to share the names of LPs in the fund but said he could break through as a new fund manager by leaning into his network. He had a background in banking before he was hard-pressed to invest in a gym, then became a CFO. During his decade there, he served as CEO for two years.
At Dogpound, he works with founders and celebrities around the world. “I learned that building a brand is not just about marketing a product or service, but about creating a space for shared experiences, joy, and genuine connection,” he said, adding that his fund wants to help founders build brands and communities as they scale their businesses.
Crush It’s plan is usually to write checks for $100,000 to $250,000, and invest in between 20 and 25 companies, he said. To date, the company has invested in 18 companies, such as wearable technology companies elements and CPG business Kaliwater. They hope to be able to implement all the inspections in the next 12-18 months.
“We want to help close the gap in healthcare funding for underrepresented founders, build a stronger network of founders, and show that purpose and community-driven companies can scale and make a difference in health and lifestyle,” he said.