Liquid2 Ventures

Liquid2 Ventures Liquid2 Ventures was founded in 2014 by NFL quarterback Joe Montana alongside Mike Miller and Michael Ma. Five funds later. including a $100M Fund III (December 2021) and a new $100M fund (January 2025). the firm has made 965 investments with 100+ exits. The first two funds returned over 3x with 25 companies valued over $1B, including GitLab, Anduril, Rippling, Applied Intuition, Retool, and Mercury. The investment approach is deliberately non-lead: early-stage checks of $250-