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Liquid 2

San Francisco, CA · Invests in US; Global · Website

Pre-SeedSeedSeries BConsumer Apps & SocialB2B SaaSAI & Machine LearningDeveloper ToolsSales & Marketing TechFintechEnterprise SoftwareDeveloper Tools & InfrastructureFintech & PaymentsHealthcare & Digital HealthAerospace & DefenseClimate & Clean EnergyRobotics & AutomationMarketing & Adtech

Thesis

Champions exceptional founders to build lasting companies through experience, community, and capital. Generalist technology investor whose edge is network depth — Joe Montana's unmatched rolodex and 800+ portfolio company network enables introductions that most seed funds cannot provide.

Likely not a fit for

No stated anti-thesis; generalist investors but primarily focused on high-growth technology companies

How they invest

Lead or follow
Usually follows
Typical decision
~2 weeks
Warm intro
Not required
Involvement
Passive
Fund status
Actively deploying
Assets under mgmt
$155M
Decision process
Partnership vote

Partners & team

8 contacts on file

JM

Joe Montana

General PartnerManaging Partner · Primary contact

+ Pitch

j•••@li•••.vc

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MM

Matt Mulvey

PartnerPartner

+ Pitch

m•••@li•••.vc

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MM

Michael Ma

PartnerPartner

+ Pitch

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NM

Nate Montana

PartnerPartner

+ Pitch

n•••@li•••.vc

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SL

Shawn Larrabee

Platform & OpsHead of Finance

+ Pitch

s•••@li•••.vc

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EM

Elizabeth Montana-Luciano

Platform & OpsHead of Operations

+ Pitch

e•••@li•••.vc

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NM

Nathaniel Montana

PartnerPartner

+ Pitch

n•••@gm•••.com

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MM

Mike Miller

General PartnerGeneral Partner

+ Pitch

m•••@li•••.vc

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Portfolio

GitLabEnterprise Software

GitLab is the most comprehensive AI-powered DevSecOps platform used by more than 100,000 organizations to deliver software faster, more efficiently, while strengthening security and compliance.

RipplingEnterprise Software

Rippling is a cloud-based workforce management platform that integrates HR, IT, and finance services, allowing businesses to manage their operations from a centralized location.

RetoolEnterprise Software

Retool is a platform that enables users to build internal software applications quickly and efficiently, leveraging AI capabilities to enhance the development process.

appliedintuition.comRobotics Automation

Applied Intuition is the vehicle intelligence company with the tools, Vehicle OS, and autonomy stacks for creating safe, AI-powered vehicle experiences.

MercuryFintech Payments

F4 is a product-led venture capital firm that offers a platform where every founder can enter, and their work decides their progress. It provides a roadmap for founders to close the gap through mentor time, investor intros, and capital targeted for those proving they can build.

AndurilAerospace Defense

RedZone builds ruggedized, connected portable medical equipment for frontline emergency response teams, transforming outdated hardware into a modern, data-driven infrastructure. Their connected medical data platform enables real-time patient monitoring and equipment readiness, targeting military, EMS, and federal incident preparedness.

Athelas

Athelas is an AI-driven platform designed to enhance healthcare operations for modern medical practices. By integrating solutions like revenue cycle management (RCM), electronic health records (EHR), and ambient AI, Athelas aims to simplify healthcare processes, reduce administrative burdens, and improve financial outcomes for providers.

VetcoveEcommerce Marketplaces

Vetcove is how veterinarians buy the supplies they need to keep America's pets healthy. Our community of more than 18,000 veterinary hospitals employs tens of thousands of veterinarians and delivers care to many millions of animals every year across all 50 states. Vetcove's eCommerce and mobile platforms afford veterinary hospitals a frictionless purchasing experience, and facilitate delivery of medications to pet parents across the country.

SolugenManufacturing Industrial

Solugen is redefining chemical manufacturing by harnessing the power of biology and chemistry to create sustainable chemical solutions for various industries, including oil and gas, renewable fuels, and agriculture.

Bear Flag RoboticsRobotics Automation

Bear Flag Robotics is developing autonomous driving technology for farm tractors. By equipping tractors and implements with technology, Bear Flag allows growers to automate and optimize many of their most common tasks. This addresses the farm labor shortage while removing workers from hazardous conditions. Additionally, Bear Flag provides growers with analytics that help them garner actionable insights about their crops and operations.

JasperEnterprise Software

Jasper.ai is an AI content automation platform for marketers, offering tools to create, automate, and scale content efficiently. It provides customizable AI solutions and resources for marketing teams.

Kepler ComputeEnterprise Software

Kepler Compute focuses on next-generation computing solutions, leveraging advanced technologies to enhance computational capabilities.

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Research briefRead more
Liquid 2 Ventures Research Investment Thesis Liquid 2 Ventures is a San Francisco-based venture capital firm founded in 2015 by NFL Hall of Fame quarterback Joe Montana, alongside entrepreneurs Michael Ma (TalkBin, acquired by Google) and Michael Miller (Cloudant, acquired by IBM). The firm's name is a wry nod to the illiquid nature of venture investments — "Liquid 2." Liquid 2 champions exception

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