Capital F has closed its debut venture fund at $17 million, targeting early-stage companies serving what the firm calls the “female economy.” The all-female-led firm focuses primarily on women’s health, digital commerce, and AI tools, with investments ranging from $250,000 to $1 million.
Co-founders Margaret Coblentz and Dawn Dobras created Capital F after decades working in operating roles and later investing as angels. The firm has already backed 13 companies and expects to finish deploying the fund by the end of 2027.
Capital F Focuses on Health, AI, and Digital Commerce
Capital F describes its investment focus as technology serving markets where women drive demand. Its investment strategy targets pre-seed and seed-stage companies across health, AI, and digital commerce, including B2B software and consumer technology.
Dobras said AI has become an important part of the thesis because women are disproportionately affected by trust and safety violations. The firm also invests in women’s health, an area that Coblentz said has historically received less funding and attention.
Portfolio companies include telemedicine startup Hey Jane, period and cycle-tracking platform Stardust, and Malama, which provides doula support for people on Medicaid. Capital F also invested in Big Sur AI, which was acquired by Alphabet last year.
Nearly 80% of the Fund’s LPs Are Women
During fundraising, Coblentz and Dobras held salon events across the U.S. for women interested in venture investing. Almost 80% of Capital F’s limited partners are women, including Rothy’s CEO and former Old Navy head Jenny Ming, former Pottery Barn CEO Marta Benson, and Linnea Roberts of Gingerbread Capital.
Dobras said many of the investors who ultimately backed the fund came through those events. She said the founders had found that women were often not invited into opportunities to invest in venture funds.
Capital F also involves its LPs directly in evaluating prospective investments. Before the firm backs a founder, that founder must speak with at least two LPs, according to Dobras.
Those relationships can later develop into advisory or board positions, follow-on investments, and introductions to potential customers. The structure draws on the operating experience of Capital F’s investor network rather than limiting LP participation to supplying capital.
Coblentz and Dobras first worked together nearly 17 years ago at clothing retailer Charlotte Russe. Dobras later served as CEO of Credo Beauty after spending a decade at Gap, while Coblentz went on to establish and later exit her own luxury knitwear company.
Featured image credits: Magnific.com
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