Jenny Liu isn't just moving on from running celebrity hotspot Dogpound - she's betting $5 million that wellness is venture capital's next breakout category. The former CEO just closed Crush It Ventures, a new early-stage fund targeting underrepresented founders building everything from mental health apps to boutique fitness studios. Liu told TechCrunch she's seen firsthand how women and minority founders in wellness struggle to access founder networks - and she's out to change that.
Jenny Liu spent a decade inside one of fitness's most exclusive brands, rising from CFO to CEO of Dogpound, the New York gym where celebrities pay premium rates to sweat alongside other A-listers. But the access she gained wasn't just to boldface names - it was to a wave of wellness entrepreneurs testing products, building communities, and hitting the same funding wall.
Now she's doing something about it. On Thursday, Liu announced the final close of Crush It Ventures, a $5 million Fund I dedicated to wellness startups, with a specific focus on backing women and minority founders who've been systematically locked out of venture networks. It's a solo GP bet that the sector's explosive growth isn't slowing down - and that the best founders aren't getting funded.
"I was surrounded by wellness founders at my local gym who loved testing new products and building community," Liu told TechCrunch. "But I also realized that many of these founders, especially women and minorities, were struggling to fund their ideas due to limited access to founder networks."
The timing looks smart. Wellness has become Gen Z's obsession - from boutique gyms to run clubs to mental health apps. A McKinsey study found that Americans spend over $500 billion annually on wellness, with Gen Z accounting for 41% of that spending despite making up just 36% of the adult population. Compare that to adults 58 and older, who represent 35% of the population but drive only 28% of wellness spending.
"People are realizing that health is more than just physical fitness - it also involves mental, emotional, and social well-being," Liu said. "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."
Liu started raising in 2024, navigating what she described as a "cautious" environment for new funds. The venture landscape remains brutal for emerging managers, particularly women solo GPs, as capital consolidates around established names. But Liu found traction by pitching LPs interested in "diverse mission-driven funds," she said, leveraging her decade of brand-building experience and global network from Dogpound.
Before joining the celebrity gym as CFO - eventually becoming CEO for two years - Liu worked in banking and made angel investments. At Dogpound, she interfaced with founders and celebrities worldwide, learning what she calls the real art of brand building. "It's not just about marketing a product or service, but about creating a space for shared experiences, joy, and genuine connection," she said.
That philosophy now drives Crush It's investment thesis. The fund plans to write checks between $100,000 and $250,000, backing 20 to 25 companies across mental health, fitness and sport, beauty, and hospitality. Liu's already deployed capital into 18 startups, including neurotechnology wearable maker Elemind and CPG beverage company Caliwater. She's targeting full deployment within 12 to 18 months.
Liu declined to name her LPs but emphasized that her fund isn't just about cutting checks. Crush It aims to help founders build brands and communities as they scale - the same muscle memory she developed transforming Dogpound into a cultural phenomenon. "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," she said.
The wellness sector's boundaries remain fuzzy, often bleeding into health tech (think sleep optimization or body analytics), which makes sizing the total addressable market tricky. But the trends are undeniable. Gyms have become Gen Z's social hub, and run clubs are exploding as young people openly discuss mental health and burnout.
For Liu, the opportunity sits at the intersection of shifting consumer values and underserved founder demographics. The question is whether a $5 million fund can move the needle in a capital-intensive sector where brand building requires sustained investment. Liu's betting her Dogpound credibility and founder network can unlock access - and returns - that larger, generalist funds miss.
Liu's Crush It Ventures represents a bet that wellness isn't just a consumer trend but a venture category ripe for disruption - if the right founders get funded. With Gen Z rewiring spending priorities around mental health and community, the $500 billion wellness market is attracting attention from LPs willing to back mission-driven funds. Whether a solo GP with $5 million can compete against larger health tech funds remains to be seen, but Liu's decade building one of fitness's most recognizable brands gives her an edge most emerging managers lack. Watch how quickly she deploys the remaining capital and whether her portfolio companies can convert community into sustainable unit economics.
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