What Liquid 2 Ventures does

Liquid 2 Ventures is a San Francisco-based venture capital firm founded in 2015 by Joe Montana that invests across the full early-stage lifecycle of technology companies, from pre-seed and seed rounds through Series B and later growth-stage financings. The firm operates two distinct fund vehicles: an early-stage fund writing collaborative checks of $250,000-$500,000 at pre-seed and seed, and a growth-stage fund writing $2,000,000-$5,000,000 checks beginning at Series B. Liquid 2's positioning is that of a generalist technology investor; portfolio companies span software (GitLab, Rippling, Retool, Mux), fintech (Mercury, Modern Treasury, Pipe), defense and aerospace (Anduril, Stoke Space, Natilus), healthcare (Athelas, Human Interest, Rupa Health), biotech and climate (Colossal, Solugen, Noya), AI infrastructure (Tecton, Apollo.io, Hex, Edge Impulse, Axiomatic AI), and Latin American technology (Rappi, Nowports, Clara, Eden). The firm does not lead most rounds; instead it co-invests alongside top-tier venture firms (Y Combinator, SV Angel, a16z, General Catalyst, Greylock, Accel, Coatue, Bain Capital Ventures) and provides value-add through introductions, operating advice, and access to a network spanning 800+ portfolio companies and 30+ unicorns with combined enterprise value exceeding $100 billion.

The firm's core capability is its proprietary founder and co-investor network, leveraged to source deals, make introductions, and provide post-investment support across the portfolio's lifetime. Underlying this network is a small core team of seven (Joe Montana as Managing Partner, four Partners — Michael Ma, Michael Miller, Nate Montana, and Matt Mulvey — plus Shawn Larrabee as Head of Finance and Elizabeth Montana-Luciano as Head of Operations) and four strategic advisors (Ron Conway of SV Angel, Paul Graham and Jessica Livingston of Y Combinator, and Qasar Younis of Applied Intuition). Partners are operator-investors rather than career financiers: Miller co-founded Cloudant (acquired by IBM in 2014), Ma founded TalkBin (acquired by Google in 2011) and led mobile product at Google, and Mulvey was a founding member of Coatue's venture practice. Distribution is primarily relationship-driven: the firm's website and email ([email protected]) are top-of-funnel channels, but most deal flow originates from referrals, portfolio introductions, and co-investor syndicates. Revenue mechanics are standard for venture capital — management fees on committed capital across both funds plus carried interest on realized gains — and the firm is currently raising $275 million in fresh capital as of March 2026.

Name

Liquid 2 Ventures

Legal name

Liquid 2 Ventures, LLC

Website

https://liquid2.vc

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Liquid 2 Ventures is a San Francisco-based venture capital firm founded in 2015 by Joe Montana that invests in technology companies from pre-seed through Series B+ via two funds, writing $250K-$500K early-stage checks and $2M-$5M growth checks alongside top-tier co-investors across a 800+ company, 30+ unicorn portfolio.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

akta.pro secondary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital investing
• Seed stage funding
• Early stage capital
• Growth stage investment
• Startup financing

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Venture Fund Management Fees & Carried Interest: Liquid 2 operates two funds (an early-stage pre-seed/seed fund and a growth-stage Series B+ fund) generating revenue through standard venture capital economics — management fees on committed capital and carried interest on investment gains. They are currently raising $275 million in fresh capital across the platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Liquid 2 Ventures is a venture capital firm that invests capital in technology startups at the pre-seed, seed, and growth stages. The firm operates two funds (an early-stage pre-seed/seed fund and a growth-stage Series B+ fund) and supplements its capital with operator mentorship, customer and downstream-investor introductions, and access to a portfolio founder network spanning 800+ companies.

Product overview

Liquid 2 Ventures is a venture capital firm (not a software product company) founded in 2015 by Joe Montana in San Francisco. Its offering is composed of two distinct investment funds — the Liquid 2 Early-Stage Fund for pre-seed/seed rounds and the Liquid 2 Growth-Stage Fund starting at Series B — paired with the Liquid 2 Founder Network and Portfolio Support service, which provides portfolio founders with operator mentorship, customer and downstream-capital introductions, and access to one of the largest founder/co-investor networks in the world. Together, these three offerings form a single lifetime partnership with founders, having supported over 800 companies (30+ unicorns, $100B+ combined enterprise value) across all sectors of technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquid 2 Early-Stage Fund A pre-seed and seed stage venture capital fund investing in technology startups with a median check size of $250,000-$500,000; deploys capital across all sectors of technology as a generalist investor.
• Liquid 2 Growth-Stage Fund A growth-stage venture capital fund that begins investing at Series B, typically writing checks between $2,000,000 and $5,000,000, while continuing to support portfolio companies across their lifetime.
• Liquid 2 Founder Network and Portfolio Support A service offering for portfolio founders providing access to one of the largest founder and co-investor networks in the world, with operator mentorship, strategic introductions to customers and downstream capital, and peer support across 800+ portfolio companies.

Quantifiable outcome

• 30+ Unicorns produced across the portfolio
• +3 more outcomes

Named customers58 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship advisor relationship.

• SV Angel (Ron Conway)flagship advisor relationshipStrategic or Co-development Partner · 1 January 2024SV Angel founder Ron Conway is a strategic advisor to Liquid 2 Ventures. The two firms co-invest in many rounds (e.g., Conntour, Depthfirst) and Conway has been an active angel-investing mentor to Joe Montana since his angel investing era.
• Y Combinator (Paul Graham, Jessica Livingston)flagship advisor relationshipStrategic or Co-development Partner · 1 January 2024Y Combinator co-founders Paul Graham and Jessica Livingston are strategic advisors to Liquid 2 Ventures. YC and Liquid 2 co-invest in many rounds (e.g., Clara, Conntour, Mantis Biotech, Manufact) and Nate Montana began his career under the guidance of Paul Graham, Jessica Livingston, and Ron Conway.
• Applied Intuition (Qasar Younis)flagship advisor relationshipStrategic or Co-development Partner · 1 January 2024Applied Intuition CEO and former Y Combinator COO Qasar Younis is a strategic advisor to Liquid 2 Ventures. Younis previously co-founded TalkBin (Y Combinator alum acquired by Google) alongside Michael Ma, who leads Liquid 2's investing today.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• SV Angel: Ron Conway's solo-cap seed and early-stage venture firm. Highly comparable to Liquid 2: same check-size range, network-led deal flow, relationship-driven model, and Conway is also a Liquid 2 advisor.
• 8VC: Opportunistic seed and early-stage fund with a similar generalist, operator-heavy thesis. Liquid 2 co-invests regularly with 8VC (e.g., Flux Series B, Rilian seed, Mytra Series C).
• Eclipse Ventures: Early-stage firm investing across technology with an operator-heavy team. Matt Mulvey joined Liquid 2 from Eclipse; comparable thesis on digital transformation of traditional industries.

Broad incumbents

• Y Combinator: The preeminent startup accelerator and seed investor. Comparable as a deal-flow source and pre-seed/seed capital provider; YC's founders (Graham, Livingston) are Liquid 2 advisors and they co-invest in many rounds.
• Greylock Partners: Tier-1 venture firm with seed and growth-stage funds. Greylock leads rounds in which Liquid 2 participates (e.g., Altara seed), making it a co-investor and adjacent peer in the same deals.
• Accel: Tier-1 global venture firm with both seed and growth-stage funds. Accel has led rounds where Liquid 2 participated (e.g., Depthfirst Series A); a clear peer in shared seed-to-growth platform.
• Bain Capital Ventures: Multi-stage venture firm with an active seed and early-stage practice. Co-invests with Liquid 2 (e.g., Flux Series B), making it a natural peer in the seed-to-Series B ecosystem.
• General Catalyst: Multi-stage venture firm with an active seed practice. Frequently co-invests with Liquid 2 (e.g., Conntour seed) and shares a generalist technology thesis across stages.
• SVB Capital / Silicon Valley Bank Ventures: Affiliated venture arm of SVB providing seed and growth capital to startups. Overlapping customer base and stage coverage with Liquid 2's portfolio companies.
• Founders Fund: Tier-1 multi-stage venture firm with deep-seed exposure to the same Silicon Valley technology ecosystem. Comparable in profile to Liquid 2's growth-stage fund and share of high-profile AI/defense deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Liquid2V
• LinkedInlinkedin.com/company/liquid-2-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1352 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liquid 2 Ventures