Liquid 2 Ventures, L.P.

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Overview

Liquid 2 Ventures is a venture capital firm founded in 2015 that invests in early-stage technology companies, primarily at pre-seed and seed stages, with a secondary growth-stage fund starting at Series B. The firm manages investments across diverse technology sectors, has backed over 800 companies representing more than $100 billion in enterprise value, and emphasizes providing capital alongside guidance and network access.¹²⁵⁶

History

Liquid 2 Ventures was founded in 2015 by Joe Montana, a former American football player, along with Michael Ma and Mike Miller.¹³ The firm raised its first fund of around $25 million and has since launched at least two funds with over $60 million committed, expanding to include a growth-stage fund.¹³⁵ Key milestones include investing in over 800 companies, backing more than 30 unicorns, and notable exits like GitLab's 2021 IPO.²³⁶

Reputation

Liquid 2 Ventures is perceived as a high-velocity seed investor with a broad portfolio strategy, leveraging an extensive network for co-investments with firms like GV and Y Combinator.¹² Professionals note its hands-on support and access to industry insiders as strengths for early-stage founders.²⁵ Criticisms include limited public disclosure of realized exits beyond selective cases like GitLab.³

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