DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Liquid 2 Ventures, LLC
Liquid 2 Ventures, LLC
Multi-stage venture firmSan Francisco, CAliquid2.vcSEC venture capital fund adviserfundraising evidence
both early and growth/opportunity families, reported GAV $656M
Importance
44
elevated
Active deployment
86
high
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
28
moderate
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 3350 STEINER ST, San Francisco, CA, 94123adviserinfo.sec.gov
- Business phone
- 801-695-5056adviserinfo.sec.gov
- Website
- http://www.liquid2.vc/
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 26, 2026
- Private funds reported
- 7 (7 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $830Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- info@liquid2.vcliquid2.vcpublished by the subject
- business phone
- 801-695-5056adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
7 observed deals
Stated (the firm’s website)
- Sectors
- enterprise software, media
- Stages
- pre seed, seed, series b, growth, early
- Geography
- not stated
- Check size
- $2.0M to $5.0M stated by the firm
- Self-described
- venture capital
“For Series B or later stage opportunities, we typically invest between $2M-$5M.”
Observed (from deals on record)
Stage at participation
seed 50%series c 50%
Stage at first entry
seed 50%series c 50%
Sectors
unknown 100%
lead rate 0%follow-on rate 0%new logos, 12 months 7
Funds and vehicles
15 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Liquid 2 Ventures Fund Series-05, L.P. | Fund | 2026 form d first sale | Newly closed | unknown | unknown | $10.2M of $10.2M | Mar 13, 2026 |
| Liquid 2 Ventures Fund Series-06, L.P. | Fund | 2026 form d first sale | Newly closed | unknown | unknown | $9.4M of $9.4M | May 1, 2026 |
| Liquid 2 Ventures Fund Series-04, L.P. | Fund | 2026 form d first sale | Newly closed | unknown | unknown | $12.7M of $12.7M | Mar 27, 2026 |
| Liquid 2 Ventures Fund IV LP | Fund | 2023 form d first sale | Active deployment | $79.9M Jul 1, 2024 | 70 | $69.9M of $81.5M | Sep 19, 2023 |
| Liquid 2 Opportunities Fund I, L.P. | Opportunity fund | 2023 adv first reported | Active deployment | $15.8M Jul 1, 2024 | 32 | $0 of $20.0M | Jan 9, 2020 |
| Liquid 2 Winners Fund I, L.P. | Fund | 2023 form d first sale | Active deployment | unknown | unknown | $99.9M of $99.9M | Jan 17, 2025 |
| Liquid 2 Venture Fund III L.P. | Fund | 2021 adv first reported | Mature | $93.6M Jul 1, 2024 | 122 | $0 of $100M | Dec 22, 2020 |
| Liquid 2 Ventures Fund II, L.P. | Fund | 2018 form d first sale | Harvest | $246M Jul 1, 2024 | 83 | $37.7M of $50.0M | Apr 17, 2019 |
| Liquid 2 Ventures Qp, L.P. | Feeder or parallel | unknown | Unknown | $124M Jul 1, 2024 | 43 | unknown | unknown |
| Liquid 2 Ventures, L.P. | Fund | unknown | Unknown | $96.3M Jul 1, 2024 | 33 | $0 of $40.0M | Jul 5, 2016 |
| Liquid 2 Ventures Fund Series-01, L.P. | Fund | unknown | Unknown | $109,700 Jul 1, 2024 | 4 | unknown | unknown |
| Liquid 2 Ventures Fund Series-03, L.P. | Fund | unknown | Unknown | $0 Jul 1, 2024 | 0 | unknown | unknown |
| Liquid 2 Ventures Fund Series-02, L.P. | Fund | unknown | Unknown | $0 Jul 1, 2024 | 3 | unknown | unknown |
| Liquid 2 Winners Fund II, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $200M | Mar 5, 2026 |
| Liquid 2 Ventures Fund V, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $75.0M | Mar 5, 2026 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
12 current, 0 departed
Jessica Livingston
Founder or executiveAdvisor, Co-Founder of Y Combinator
Paul Graham
Founder or executiveAdvisor, Co-Founder of Y Combinator
Qasar Younis
Founder or executiveAdvisor, CEO of Applied Intuition
Ron Conway
Founder or executiveAdvisor, Founder of SV Angel
Joe Montana
Managing partnerManaging Partner
Joseph Clifford Montana
PartnerMember · since Dec 1, 2015
Matt Mulvey
PartnerPartner
Michael Ma
PartnerPartner
Michael Miller
PartnerPartner
Nate Montana
PartnerPartner
Elizabeth Montana-Luciano
Platform and operationsHead of Operations
Shawn Larrabee
Platform and operationsHead of Finance
Investments on record
7 edges, 6 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
23 relationships from shared deals, counted for the whole firm
Wayfinder Ventures Management, L.L.C. 1 shared · one timeScribble Ventures Management, LLC 1 shared · one timeNXP Management LLC 1 shared · one timeTrue Ventures 1 shared · one timeFounders Circle Capital, LLC 1 shared · one timePWV Capital Management LLC 1 shared · one time7wire Management, LLC 1 shared · one timeHack Vc Management, LLC 1 shared · one timeNext Legacy Management, LLC 1 shared · one timeInstitutional Venture 1 shared · one timeAurelia Foundry Management Company, LLC 1 shared · one timeRyderVentures 1 shared · one timeAbstract Ventures 1 shared · one timeGreenoaks Capital 1 shared · one timeAvenir Growth 1 shared · one time · they led 1Kivu Ventures 1 shared · one timeLineage Capital, LLC 1 shared · one timeCubit Capital 1 shared · one time · they led 1A* 1 shared · one timeY Combinator 1 shared · one timeSV Angel Management, LLC 1 shared · one timeChief Oil 1 shared · one timeGeneral Catalyst 1 shared · one time · they led 1
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
10 dated events
- Mar 28, 2024Liquid 2 Ventures Fund IV LP first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $79,947,428Fund first reported on Form ADVFundsFactLiquid 2 Ventures Fund IV LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 30, 2023Liquid 2 Opportunities Fund I, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $15,762,492Fund first reported on Form ADVFundsFactLiquid 2 Opportunities Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021Liquid 2 Venture Fund III L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $34,800,000Fund first reported on Form ADVFundsFactLiquid 2 Venture Fund III L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures Fund Series-02, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $101,010Fund first reported on Form ADVFundsFactLiquid 2 Ventures Fund Series-02, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures Fund II, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $51,963,900Fund first reported on Form ADVFundsFactLiquid 2 Ventures Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures Fund Series-03, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $378,182Fund first reported on Form ADVFundsFactLiquid 2 Ventures Fund Series-03, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures, LLC first filed Form ADV (ERA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures Qp, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $15,998,845Fund first reported on Form ADVFundsFactLiquid 2 Ventures Qp, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures Fund Series-01, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $500,000Fund first reported on Form ADVFundsFactLiquid 2 Ventures Fund Series-01, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 14, 2019Liquid 2 Ventures, L.P. first reported on Form ADV by Liquid 2 Ventures, LLC (Venture Capital Fund), GAV $12,401,155Fund first reported on Form ADVFundsFactLiquid 2 Ventures, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $656M
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $532M
Evidence
52 observations from 3 sources