Liquid 2 Ventures is an American venture capital firm based in San Francisco, founded in 2015 by Joe Montana, Michael Ma, and Michael Miller. The firm invests $250K–$1M in pre-seed and seed-stage technology startups, and also operates a growth-stage fund starting at Series B.
Their most common stage is seed (54% of deals). Average disclosed round size is $13.7M (across 255 rounds with reported amounts).
Portfolio
235
Fund Size
—
Top Stage
Seed
Last 12 Mo
23
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
280 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Copia | Seed | $2.2M | Jun 2026 |
 Altara | Seed | $7M | May 2026 |
 Rilian | Seed | $17.5M | Apr 2026 |
| TTofu | Seed | $5M | Apr 2026 |
 Conntour | Seed | $7M | Mar 2026 |
 Axiomatic AI | Seed | $18M | Mar 2026 |
 aXiomatic | Seed | $18M | Mar 2026 |
 Flux | Series B | $37M | Feb 2026 |
 Manufact | Seed | $6.3M | Feb 2026 |
 Breezy | Pre-Seed | $10M | Feb 2026 |
 Mytra | Series C | $120M | Jan 2026 |
 depthfirst | Series A | $40M | Jan 2026 |
| TTofu | Unknown | $12M | Jan 2026 |
 Tofu | Seed | $5M | Jan 2026 |
 Lemma | Pre-Seed | $2.3M | Jan 2026 |
 Copia Automation | Seed | $2.2M | Jan 2026 |
 Naïve | Series A | $28.5M | Jan 2026 |
| depthfirst | Series B | $80M | Jan 2026 |
 Multifactor | Seed | $15M | Dec 2025 |
![Onton [fka Deft Ventures] logo](/_next/image?url=%2Fassets%2Flogos%2Fcompanies%2Fonton_e4e3d50b-59f6-4f3b-b9fa-e858eb30759f.png&w=48&q=75){kind=small} Onton [fka Deft Ventures] | Series A | $7.5M | Nov 2025 |
 Alembic | Series B | $145M | Nov 2025 |
 SalesPatriot | Seed | — | Oct 2025 |
 Sage | Series A | $20M | Oct 2025 |
 Sage Care | Unknown | $20M | Oct 2025 |
 Finch | Series A | $20M | Oct 2025 |
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Top Co-Investors
Y Combinator111 shared
Soma Capital32 shared
SV Angel27 shared
BoxGroup13 shared
Lightspeed Venture Partners13 shared
Initialized Capital12 shared
General Catalyst11 shared
First Round Capital11 shared
Founders Fund11 shared
FundersClub11 shared
Andreessen Horowitz9 shared
A*9 shared
Felicis9 shared
Nexus Venture Partners9 shared
Pioneer Fund9 shared
8VC9 shared
Gaingels9 shared
Kleiner Perkins8 shared
Alumni Ventures8 shared
Index Ventures7 shared
Last updated: 27 September 2026