What If Ventures

What If Ventures is a venture capital firm that invests in radically transformative technology, with a primary focus on disruptive healthcare and defense technology sectors. Within healthcare, the firm is particularly dedicated to addressing stigmatized issues such as mental health and addiction recovery, aiming to improve the human experience through innovative solutions. Their defense technology investments support mission-driven founders developing critical systems for a secure and sustainable future.

Founded in January 2020 by Stephen Hays, What If Ventures emerged from Hays' personal journey of overcoming addiction and a mood disorder. This transformative experience inspired him to combine his recovery insights with his extensive investing background to support entrepreneurs bringing life-changing solutions to market, especially in the mental health space where he identified a funding gap for early-stage startups.

Since its inception, What If Ventures has deployed over $100 million into more than 85 startups through a syndicate of over 4,100 investors. Notable portfolio companies include Alto Neuroscience, which is developing personalized psychiatric drugs; Atai Life Sciences, a pioneer in mental health treatments; Firehawk, focused on next-generation defense systems; and Umbra, a technology company providing intelligence data as a service. The firm has seen 3 portfolio companies exit via IPO and 1 via acquisition.

Stephen Hays, the firm's Founder and Managing Partner, brings a unique blend of personal experience and professional expertise. Prior to What If Ventures, he led venture capital investing for a family office, making 25 early-stage investments across B2B SaaS, esports, gaming, and healthcare. His career also includes seven years as an investment banker on Wall Street, where he specialized in capital raising and M&A for multi-industrial, aerospace & defense, and healthcare industries. Hays holds an undergraduate degree in Civil Engineering from West Point and an MBA from Vanderbilt.