""Everybody thinks it's always about product," he told CNBC. "But as early as we invest, most of the time it's about people, and what you're betting on are the founders." Montana also said his Liquid 2 work is more interesting than the fund of funds as his current job requires deeper involvement in his portfolio companies, especially in the early stages."
"But Montana later moved two hours away from San Francisco to the Napa wine country, forcing him to step back from investing. Then he connected with angel investor Ron Conway because their kids attended the same school. The cofounder of SV Angel introduced Montana to tech incubator Y Combinator and encouraged him to start his own fund, Liquid 2, in 2015."
Joe Montana entered investing after former teammates Harris Barton and Ronnie Lott proposed a fund of funds that leveraged friendships with top-tier firms like Sequoia and Kleiner. The group initially raised $15 million and used the vehicle to access leveraged buyouts, hedge funds, and real estate funds. Montana later stepped back after moving to Napa but reengaged after meeting angel investor Ron Conway, who introduced him to Y Combinator and encouraged the 2015 launch of Liquid 2. Liquid 2 focuses on early-stage involvement and bets on founders, and it now operates at a scale comparable to established angel firms.
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