Jenny LiuThe former CEO of the exclusive, celebrity-favorite Jim Dogpound says there are two reasons he wanted to start his own venture fund.

For one, she was surrounded by wellness founders at her local gym who loved testing new products and building community. Second, Liu also realized that many of these founders, especially women and minorities, were struggling to get their ideas funded due to limited access to founding networks.

To fill this gap, he launched Crush It VenturesA wellness-focused early-stage fund. The firm hopes to support companies across the wellness sector, including mental health, fitness and sports, beauty and hospitality. On Thursday, it announced the final closing of the $5 million Fund I.

The wellness industry often overlaps with the health sector (such as sleep and body health), making it quite difficult to estimate how big it really is. Nevertheless, the wellness trend has been on the rise in the last few years. There is a gym Become a Gen Z obsessionAnd so there is Run the club.

One at McKinsey Last year’s study found That the United States alone spends over $500 billion a year on wellness. Young people in particular have become big spenders as they continue to openly talk about mental health and burnout. The McKinsey report states that although Gen Z makes up 36% of the adult US population, they account for more than 41% of healthcare spending. This is compared to those 58 and older, who make up about 35% of the US population, yet account for 28% of healthcare spending.

Liu believes that this area has become so popular because people are realizing that health is more than just physical well-being – it also involves mental, emotional and social well-being. “As we become more automated with technology in our daily lives, we’re valuing experiences and products that foster genuine 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 he started fundraising in 2024. While the environment was “cautious,” he said, there was a growing interest in wellness, “especially from LPs looking for more diversified mission-driven funds,” he told TechCrunch. Environment for new funding still hard (Especially For a female single GP) with most of the capital flowing to the top firms.

Liu declined to share the name of the LP in the fund but said he was able to get in as a new fund manager by leaning on his network. He has a background in banking before investing in Angel Jim, later joining as CFO. During his decade there, he 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,” he said, adding that his fund is keen to help founders grow their brands and communities to scale their businesses.

Crush plans to write checks of typically $100,000 to $250,000 and invest in 20 to 25 companies, he said. So far, the firm has invested in 18 companies such as wearable technology companies eliminate and CPG business Caliwater. He expects to deploy all checks within the next 12-18 months

“We want to close the wellness funding gap for underrepresented founders, build strong founder networks, and show that purpose-driven and community-driven companies can make and scale a meaningful difference in health and lifestyle,” he said.