# Liquid 2 Ventures

Liquid 2 Ventures is a Venture Capital based in San Francisco, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** www.liquid2.vc
- **LinkedIn:** https://www.linkedin.com/company/liquid-2-ventures
- **Wikidata:** Q133963921

## Regulatory record

- **CRD number:** 305376
- **SEC file number:** 802-117335
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/305376

## About

Liquid 2 champions exceptional founders to build lasting companies through experience, community, and capital. They guide, support, and invest in founders starting at the pre-seed and seed stage, and also operate a growth-stage fund starting at Series B. They are generalists who invest across all sectors of technology. The firm has helped over 800 companies representing over $100 billion of combined enterprise value.

## Sectors

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

## People

- Joe Montana — Managing Partner
- Mike Miller — Partner
- Michael Ma — General Partner

## Questions

### Who runs investment decisions at Liquid 2 Ventures?

Managing Partners Joe Montana, Mike Miller, and Michael Ma share decision-making authority. Montana attends weekly partnership meetings and participates actively in founder diligence; the firm does not operate a delegation model where his role is purely promotional. Investment committee decisions are made by consensus among the three partners (per Forbes, 2021).

### How does Liquid 2 Ventures source deal flow?

Sourcing relies heavily on Montana's professional network of former NFL teammates, coaches, and sports-industry executives, which yields referrals from sectors where generalist seed funds have thin relationships. The firm also draws on its portfolio-founder network and co-investor relationships with funds including Founders Fund and a16z. Publicly, the partners have cited direct outreach from founders who grew up watching Montana play as a distinct inbound channel.

### Does Liquid 2 Ventures participate in fund commitments or only direct deals?

The firm's primary activity is direct equity investments in individual startups. There is no public record of Liquid 2 acting as a limited partner in other venture funds or engaging in fund-of-funds commitments. Co-investment occurs on a deal-by-deal basis alongside other institutional seed funds.

### How does Liquid 2's partnership structure affect portfolio company support?

Montana, Miller, and Ma each maintain direct relationships with portfolio founders, offering operational guidance that reflects their own startup and operating experience. Montana's presence is often leveraged for enterprise customer introductions — particularly within legacy industries where a Hall of Fame quarterback's credibility opens procurement conversations that a conventional VC partner cannot easily access.

## Related profiles

- [LIP Ventures Boutique](https://altss.com/profile/lip-ventures-boutique)
- [Liquid Asset Brands](https://altss.com/profile/liquid-asset-brands)

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Last updated: 2026-08-11T15:07:19.634Z

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