Liquid 2 Ventures

Quick read

Liquid 2 Ventures is a seed-stage VC firm founded in 2015 by Joe Montana, headquartered in San Francisco, CA. It writes $250K–$1M checks at pre-seed and seed into technology companies, with a portfolio of over 750 startups and 31+ unicorns including Mercury, FanDuel, and GitLab. The firm pairs capital with operator-grade support from a team of former founders and operators.

Key facts

Founded

2015

Founders

Joe Montana, Michael Ma, Mike Miller

Employees

3-10

Sectors

generalist, fintech, ai, healthcare, crypto, saas

Website

www.liquid2.vc/

Investment thesis

Liquid 2 Ventures invests $250K–$1M at pre-seed and seed in technology-driven founders building software-first companies, with particular focus on fintech, AI, health tech, and crypto. The firm runs a high-velocity, diversified strategy — often as a non-lead — pairing capital with operator-grade introductions and support from a team of former founders.

Recent activity

• May 2026investment
  Liquid 2 Ventures co-invested in Altara's $7M seed round alongside Neo, Greylock Partners, and BoxGroup. Altara builds an AI-powered scientific intelligence platform. tracxn.com
• Mar 2026investment
  Liquid 2 Ventures participated in Corridor's $25M Series A round. tracxn.com
• Mar 2026investment
  Liquid 2 backed Axiomatic AI's $18M seed round. Axiomatic operates in the enterprise software and AI data platforms space. tipranks.com
• Feb 2026press
  CB Insights published a profile on Joe Montana's path from NFL quarterback to venture investor, spotlighting Liquid 2 Ventures and its 1,006 total investments on record. cbinsights.com
• Sep 2025investment
  Liquid 2 GP Mike Miller co-invested in DianaHR's $4M seed round alongside Justin Kan, Michael Seibel, Immad Akhund, and Arash Ferdowsi, among others. signal.nfx.com
• Aug 2024investment
  Liquid 2 participated in H3X Technologies' $20M Series A, following its earlier seed investment in April 2021. H3X builds high-power-density electric motors. signal.nfx.com
• Feb 2026press
  CB Insights published a profile piece on Joe Montana's path from NFL player to VC investor, noting his connections to top-tier Silicon Valley firms during his playing career. cbinsights.com
• 2025investment
  Liquid 2 made 35 new investments in the 12 months to May 2026, bringing its total active portfolio to 382 companies across seed and early-stage rounds, per Tracxn. tracxn.com
• 2024investment
  CurbWaste closed a $28M Series B led by Socium Ventures. Liquid 2 had led CurbWaste's $10M Series A in late 2023 and participated again in this round. linkedin.com
• 2024investment
  Paraform raised a $20M Series A led by Felicis, with Matthew Mulvey of Liquid 2 Ventures participating alongside BOND and others. linkedin.com
• 2024investment
  Natilus closed a $28M Series A. Liquid 2 joined alongside Draper Associates, Flexport, Type One Ventures, New Vista Capital, and The Veteran Fund. linkedin.com
• May 2026investment
  Liquid 2 Ventures participated in CurbWaste's $28M Series B led by Socium Ventures, building on its lead position in CurbWaste's $10M Series A in late 2023. linkedin.com

Notable investments

• AltaraSeedMay 2026tracxn.com
• CorridorSeries AMar 2026tracxn.com
• Axiomatic AISeedMar 2026tipranks.com
• DianaHRSeedSep 2025signal.nfx.com
• InterluneSeed2024zoominfo.com
• H3X TechnologiesSeries AAug 2024signal.nfx.com
• The LassoSeed2024zoominfo.com
• Rebellyous FoodsSeries BFeb 2023signal.nfx.com
• CurbWasteSeries B2024linkedin.com
• ParaformSeries A2024linkedin.com
• NatilusSeries A2024linkedin.com
• Aligned MarketplaceSeed2024zoominfo.com

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

• Joe Montana · Managing Partner
  LinkedIn
• Michael Ma · Partner
  LinkedIn
• Mike Miller · Partner
  LinkedIn
• Matthew Mulvey · Partner
  LinkedIn
• Nathaniel Montana · Team Member
  LinkedIn

Sources

• Liquid 2 Ventures – Official Site
• Liquid 2 Ventures – Team
• Liquid 2 Ventures – LinkedIn
• Liquid 2 Ventures – Tracxn Profile
• Liquid 2 Ventures – Dealroom
• Liquid 2 Ventures – PitchBook
• Liquid 2 Ventures Investor Profile – SparkCo
• https://www.cbinsights.com/investor/liquid-2-ventures
• https://www.linkedin.com/in/joe-montana-464701b/
• https://www.linkedin.com/in/nathaniel-montana-86742988
• https://www.linkedin.com/in/mattmulvey/
• https://www.tipranks.com/private-companies/investor/liquid-2-ventures
• https://signal.nfx.com/investors/mike-miller

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Frequently asked