# What If Ventures

What If Ventures is a Venture Capital based in Frisco, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Frisco, United States
- **Region:** North America
- **Address:** Frisco, TX, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** www.whatif.vc
- **LinkedIn:** https://www.linkedin.com/company/what-if-ventures

## Regulatory record

- **CRD number:** 310429
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/310429

## About

What If Ventures is a venture firm investing in mental health and disruptive healthcare startups. It invests in radically transformative technology across disruptive healthcare and defense technology. Since launching in January 2020, the firm has invested over $100,000,000 in 86 startups via a syndicate of over 4,100 investors.

## Sectors

- Enterprise Software
- AI/ML
- Digital Health
- FinTech
- Cybersecurity
- SpaceTech
- Industrial Tech
- Consumer Tech

## Offices

- New York, NY
- San Mateo, CA
- Dallas, TX
- Palo Alto, CA
- Orlando, FL
- Oklahoma City, OK

## People

- Stephen Hays — Founder & Managing Partner

## Questions

### Who runs investment decisions at What If Ventures?

Stephen Hays is the sole founder and managing partner, making him the central decision-maker on all investment activity. Hays's personal experience managing bipolar disorder informs the firm's thesis-driven approach to mental health and digital health investments. There are no other publicly named general partners or investment committee members, which concentrates authority and key-person risk in a single leader.

### How does What If Ventures source proprietary deal flow?

The firm's sourcing model is network-driven and geography-agnostic, drawing from Hays's public advocacy on mental health in venture capital, his presence at conferences like SXSW, and relationships across the digital health and enterprise tech ecosystems. With a presence in seven US cities, the firm captures deal flow from major tech hubs without relying on a single centralized office. Direct founder outreach and co-investor referrals from top-tier health-tech funds are the primary intake channels.

### Does What If Ventures make fund commitments or only direct investments?

The firm focuses on direct venture investments in early-stage companies, using SAFEs, priced equity rounds, and co-investment structures. There is no public record of What If Ventures serving as a limited partner in external funds, which aligns with its high-conviction, thesis-concentrated model. Its capital deployment strategy is built around direct exposure to founder-led startups rather than diversified fund-of-funds allocation.

### Which sectors does What If Ventures explicitly avoid?

While the firm's primary thesis targets mental health and digital health, its portfolio extends into enterprise software, fintech, and cybersecurity when founder narratives align with Hays's conviction framework. No explicit sector exclusions are publicly stated, but the firm does not invest in capital-intensive industries like hard infrastructure, traditional manufacturing, or fossil fuels. Its stage focus — pre-seed through Series A — implicitly excludes later-stage growth equity and buyout opportunities.

## Related profiles

- [WhatAVenture](https://altss.com/profile/whataventure)
- [W Health Ventures](https://altss.com/profile/w-health-ventures)

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Last updated: 2026-08-11T15:08:32.892Z

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