Liquid 2 Ventures

Liquid 2 Ventures (L2V) is a prominent San Francisco-based venture capital firm co-founded by NFL Hall of Famer Joe Montana, Michael Ma, and Mike Miller. Established to back exceptional founders, L2V primarily focuses on early-stage technology companies, operating at the pre-seed and seed stages. The firm's investment philosophy centers on providing not just capital but also leveraging its partners' extensive experience, robust community network, and strategic guidance to help portfolio companies scale and achieve pioneering status in their respective industries.

L2V maintains a broad sector agnostic approach, with a keen interest in disruptive technologies across various verticals including SaaS, fintech, consumer, healthcare, and artificial intelligence. The firm has demonstrated significant growth in its capital deployment capabilities, evidenced by the progression of its fund sizes. For instance, their latest vehicle, Fund IV, closed in 2023 with $150 million, a substantial increase from their initial Fund I which was $25 million in 2015. This expansion allows L2V to support a larger number of promising startups and potentially participate in follow-on rounds.

Typically, Liquid 2 Ventures writes initial checks ranging from $250,000 to $1 million for seed-stage companies, though they can make larger follow-on investments. Their portfolio is extensive and diverse, boasting investments in over 200 companies. This includes early backing of now-prominent names such as GitLab, Opendoor, Calm, and Carta, showcasing their ability to identify and support future industry leaders. Beyond capital, L2V emphasizes building a strong community among its founders, facilitating knowledge sharing and collaborative growth, which is a key component of their value proposition.