Capital F is a San Francisco-based, all-female-led venture capital firm investing in markets where women drive demand, spanning health, AI, and digital commerce. Founded by longtime operators Dawn Dobras and Margaret Coblentz, who have worked together for nearly three decades including at Charlotte Russe, the firm closed its $17 million debut fund in August 2026.
Capital F invests in technology built for the female economy, backing pre-seed and seed founders across three areas: health (reproductive health, sleep, preventive care and other historically underfunded markets), AI (software and AI platforms aimed at making women's lives more efficient at work and at home, including trust-and-safety tools), and digital commerce (infrastructure and consumer platforms shaping how women discover, shop, and spend).
The firm frames its thesis around women influencing an estimated 85% of consumer spending while many of the markets serving them remain underbuilt and underfunded.
Both founders are operators first, and bring hands-on support with go-to-market strategy, key hires, customer introductions, and fundraising rather than acting as passive check-writers.
Capital F closed its $17 million debut fund in August 2026, backed by roughly 10 limited partners, almost 80% of whom are women. Named LPs include Jenny Ming (CEO of Rothy's and former head of Old Navy), Marta Benson (former CEO of Pottery Barn), and Linnesa Roberts of Gingerbread Capital, alongside executives and operators connected to Netflix, Apple, Cotopaxi, Godiva, Starbucks, HOKA, and Life360.
Many LPs were recruited through investor “salon” events the founders hosted around the country to bring more women into venture investing.
Capital F requires founders to speak with at least two of its LPs before it will invest, a structure the firm says has led to additional board seats, advisory relationships, and sales introductions for portfolio companies. The firm expects to finish deploying the fund by the end of 2027.
Leadership
Investment Strategy
Dawn Dobras was CEO of clean beauty retailer Credo Beauty, named Fast Company's “World's Most Innovative Beauty Company,” and earlier in her career scaled OldNavy.com from launch to more than $200 million in revenue during a decade at Gap.
She is an Entrepreneur-in-Residence at Harvard Business School, where she received her MBA. Margaret Coblentz grew the e-commerce division of Charlotte Russe from roughly $20 million to nearly $100 million in revenue, then founded and exited her own luxury direct-to-consumer brand, Frances Austen.
She holds degrees from Stanford GSB and UCLA and is a founding member of The Council Angels. Dobras and Coblentz first worked together at Charlotte Russe almost 17 years ago.
Notable Investments
Dawn Dobras — Co-Founder and General Partner
dawn@capitalf.vc
Margaret Coblentz — Co-Founder and General Partner
margaret@capitalf.vc
United States
