Joe Montana Scored Big in Silicon Valley with Liquid 2 Ventures
San Francisco, Monday, 9 February 2026.
Transcending his athletic legacy, Montana’s Liquid 2 Ventures now rivals SV Angel in size. With strategic bets on over 800 startups—including defense unicorn Anduril—the NFL legend proves that successful investing, like football, relies on backing the right people.
From the Gridiron to the Boardroom
While the football world focused on Super Bowl LX in San Jose this past Sunday, where Joe Montana served as an honorary captain alongside Peyton Manning, the 49ers legend has arguably become just as impactful in the boardroom as he was on the gridiron [1][2]. Now firmly established in the venture capital ecosystem, Montana’s firm, Liquid 2 Ventures, has grown into a powerhouse that rivals industry staples like SV Angel in size [1]. The convergence of Silicon Valley and the NFL during the weekend’s festivities highlights Montana’s unique position as a bridge between elite sports and high-stakes technology investing [1].
The Pivot: From Fund of Funds to Direct Action
Montana’s entry into finance began with a strategy rooted in access rather than direct selection. Former teammates Harris Barton and Ronnie Lott initially pitched him the concept of a “fund of funds,” designed to leverage their proximity to Silicon Valley giants like Sequoia, Kleiner Perkins, and Excel [1]. This approach allowed Montana and his associates to raise an initial $15 million, gaining exposure to leveraged buyouts, hedge funds, and real estate [1]. However, a move to Napa and a serendipitous connection with legendary angel investor Ron Conway—whose children attended school with Montana’s—altered his trajectory [1]. Encouraged by Conway to engage with Y Combinator, Montana launched Liquid 2 Ventures in 2015, shifting his focus to the high-energy world of early-stage startups [1].
Strategic Bets and Market Valuation
Liquid 2’s portfolio now spans over 800 companies, including high-profile successes like GitLab and Rappi [1]. A standout example of the firm’s prescience is its early backing of defense technology company Anduril [1]. As of February 8, 2026, Anduril has reached a valuation of $87 billion, with a share price of $114.78 on the secondary market [7]. This massive valuation follows a Series G-1 funding round completed on January 14, 2026, which raised $500 million [7]. By identifying such unicorns early, Montana has validated his firm’s analytical capabilities beyond mere celebrity endorsement.
The “People First” Philosophy
Despite the technical complexity of his portfolio, Montana applies a philosophy rooted in human dynamics, a lesson reinforced by Conway. Montana noted in a recent interview that while many investors focus on the product, “what you’re betting on are the founders” [1]. Drawing parallels between elite athletes and entrepreneurs, he focuses on the internal drive to succeed, a strategy that has allowed Liquid 2 to build lasting relationships and secure access to competitive syndicates [1]. This approach has proven effective; Conway himself recently admitted that Liquid 2 is now comparable in size to his own SV Angel, with the two frequently investing together [1].