The former CEO of celebrity favorite gym Dogpound has launched a $5 million fund to support wellness companies

Jenny Liu, former CEO of the exclusive, celebrity-favorite gym Dogpound, said there were two reasons why she wanted to set up her own investment fund.

For example, she was surrounded by health 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 fund their ideas due to limited access to founders’ networks.

To fill this gap, she launched Crush It Ventures, an early-stage health-focused fund. The company hopes to support businesses working in the health sector, including mental health, fitness, sports, beauty and hospitality. On Thursday, it announced the final closing of the first fund, worth $5 million.

The wellness industry often overlaps with the health sector (such as sleep and body health), making it very difficult to estimate its true size. However, wellness trends have boomed in the past few years. Gyms have become an obsession for post-Millennials, and so have the clubs that run them.

A McKinsey study last year found that the United States alone spends more than $500 billion annually on health. Young people in particular have become big spenders as they continue to talk openly about mental health and burnout. The McKinsey report said that although Generation Z makes up 36% of the adult population in the United States, they are responsible for more than 41% of health spending. This is compared to those 58 and older, who make up about 35% of the US population, yet account for 28% of health spending.

Liu believes that this field has become so popular because people have come to realize that health is more than just physical fitness – it also includes mental, emotional and social well-being. “As we automate more technology in our daily lives, we value experiences and products that foster true connection and long-term well-being,” she said. “It is also a reflection of changing values: younger generations want purpose-driven brands and yearn for real community.”

Liu said she began fundraising in 2024. She said that although the environment has been “cautious,” there is growing interest in wellness, “particularly from limited companies looking for more diverse, mission-based funds,” she told TechCrunch. The environment for new funds remains difficult (especially for women working alone) as most capital continues to flow into larger companies.

Liu declined to share the name of the fund’s limited partners, but said she was able to break in as a new fund manager by relying on her network. She has a background in banking before angel investing in the gym, and later joined as CFO. During her decade there, she served as CEO for two years.

At Dogpound, I’ve worked with founders and celebrities around the world. “I’ve learned that brand building isn’t just about marketing a product or service, it’s about creating space for shared experiences, joy, and authentic connection,” she said, adding that her fund is eager to help founders build their brands and communities as they scale their businesses.

Crush It plans to write checks worth between $100,000 and $250,000 and invest in between 20 and 25 companies, she said. So far, the company has invested in 18 companies, such as wearable technology company Elemind and CPG company Caliwater. It hopes to post all checks within the next 12 to 18 months.

“We want to help close the gap in healthcare funding for underrepresented founders, build stronger founder networks, and show that purpose and community-led companies can scale and make a measurable difference in health and lifestyle,” she said.