Liquid 2 Ventures

Liquid 2 Ventures (LLC ) is a San Francisco-based U.S. pre-seed- and seed-stage venture capital firm founded in 2015 by NFL Hall of Fame quarterback Joe Montana (Founding & Managing Partner; previously co-founder of HRJ Capital fund-of-funds 1998-2004, prolific angel investor under the mentorship of Ron Conway with early-investor roles in Pinterest, Dropbox, Weave, CoreOS, ShipBob, OpenListings, Caliva, and House Spirits / Aviation Gin) alongside co-founders Michael Ma (sold startup TalkBin to Google in 2011) and Mike Miller (co-founder of Cloudant, sold to IBM in 2014; previously MIT / UW faculty in particle physics with a Yale PhD), with subsequent addition of General Partner Nate Montana (son of Joe Montana) and Matt Ocko. The firm operates as an institutional-scale pre-seed and seed investor with initial cheque sizes typically in the USD 250,000 to USD 1 million range at pre-seed and seed stages of U.S. technology companies, with follow-on reserves through Series B. Liquid 2 has raised multiple funds including Fund I at USD 25-40 million (2016), Fund II at USD 40 million (2018), and Fund III oversubscribed at USD 80 million (2022), with a portfolio of more than 750 investments including 35 unicorns and 75+ companies valued / exited over USD 200 million. Notable portfolio companies include GitLab, Rippling, Jasper AI, Retool, Anduril, Applied Intuition, Remote, Solugen, Astranis, Stoke Space, FanDuel, Rappi, Whatnot, Modern Treasury, Athelas, and Chipper Cash. The ''Liquid 2'' name is a wry reference to the illiquid nature of early-stage venture investing.