About Liquid 2 Ventures
Liquid 2 Ventures is a venture capital firm founded in 2015. It is primarily based out of San Francisco, United States. As of Mar 2026, Liquid 2 Ventures is an active investor, having invested in 378 companies, with 35 new investments in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and FinTech. Most recently it participated in the $***** Series B round of DepthFirst Overall, Liquid 2 Ventures portfolio has seen 31 unicorns, 2 IPOs and 45 acquisitions including key companies like Mercury, FanDuel and Gitlab. A lot of funds co-invest with Liquid 2 Ventures, with names like Soma Capital sharing a substantial percentage of its portfolio. Liquid 2 Ventures has team of 12 people including 8 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 4 more
Portfolio IPOs
Deals in last 12 months
Liquid 2 Ventures' List of Top Investments
Liquid 2 Ventures has a portfolio of 378 companies, including 31 unicorns. Their most notable investments are in Grin Scooters and Bold Voice.Their portfolio spans across United States, Canada, Mexico and 19 more locations. They have invested in Enterprise Applications, High Tech, FinTech and 34 other sectors, across stages such as Seed, Series A and 4 more. Here is the list of top investments by Liquid 2 Ventures:1. Mercury
Provider of business banking, cards, expense management, and payment solutions. The company offers checking and savings accounts, credit cards, and tools for managing expenses. It facilitates payments, invoicing, and accounting automation. Treasury services provide options for earning yield with high-liquidity portfolios.
Key facts about Mercury
- Founded Year: 2017
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $346M
- Employee Count: 1,523 as on Mar 31, 2026
- Investors: Harmony Venture Partners, Sapphire Ventures and 54 Others
- Latest Funding Round: Series C, Mar 21, 2025, $*****
- Highlight: Editors' Pick
2. FanDuel
Developer of a fantasy platform for multiple sports. It provides users to play fantasy sports games for NFL, MLB, NBA, soccer, and golf. It also enables users to select the contests they wish to play, and players to participate in the competition.
Key facts about FanDuel
- Founded Year: 2009
- Location: New York City (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $416M
- Employee Count: 4,159 as on Mar 31, 2026
- Investors: Hercules Capital, Bluepointe Ventures and 42 Others
- Latest Funding Round: Series E, Sep 15, 2016, $*****
- Highlight: Acquired
3. Gitlab
Provider of a platform for software development, security, and delivery. The platform facilitates planning, source code management, and continuous integration and delivery. It offers application security testing, software supply chain security, and software compliance features. The platform supports various industries, including financial services, public sector, and telecommunications.
Key facts about Gitlab
- Founded Year: 2011
- Location: San Francisco (United States)
- Annual Revenue: $955M as on Jan 31, 2026
- Stage: Public
- Total Funding till date: $435M
- Employee Count: 3,407 as on Mar 31, 2026
- Investors: TCV, ADS Ventures and 49 Others
- Latest Funding Round: Post IPO, Sep 16, 2022, $*****
- Highlight: Public
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4. Zingbus
Operator of an online platform for booking bus transportation tickets. The platform provides users with options for booking bus tickets. It offers features such as travel insurance and support services. The platform aims to provide a convenient booking experience for travellers.
Key facts about Zingbus
- Founded Year: 2019
- Location: Gurugram (India)
- Annual Revenue: ₹161Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $16.4M
- Employee Count: 226 as on Jul 31, 2025
- Investors: BP Ventures, Locus Ventures and 58 Others
- Latest Funding Round: Series A, Dec 16, 2024, $*****
- Highlight: Editors' Pick
5. Rippling
Cloud-based suite solution for HR management. It offers automated onboarding and offboarding solution for the organizations. The product is an employee management software solution with features such as payroll administration, employee benefits management, headcount planning, feedback surveys, shift scheduling, learning management and more. It also offer products such as workflow studio, reporting analytics, policies management and more. It is a tool available on the subscription based pricing model.
Key facts about Rippling
Liquid 2 Ventures' Year-on-Year Investment Trends
Liquid 2 Ventures has invested in 378 companies over the last 11 years, with an average of 30 new investments annually in the last 10 years. In 2025, it made 46 investments, while as of Mar 2026, it has made 12 investments in this year. Its most recent first time investment was in Conntour and most recent follow-on round was in DepthFirst.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 9 | 3 | 12 |
2025 | 37 | 9 | 46 |
2024 | 30 | 3 | 33 |
2023 | 22 | 6 | 28 |
2022 | 41 | 4 | 45 |
2021 | 48 | 7 | 55 |
2020 | 29 | 5 | 34 |
2019 | 24 | 4 | 28 |
2018 | 22 | 3 | 25 |
2017 | 27 | 0 | 27 |
Liquid 2 Ventures' Investments by Stage
Liquid 2 Ventures has made 231 investments in Seed stage with an average round size of $7.52M, 60 investments in Series A stage with an average round size of $14.3M and 10 investments in Series B stage with an average round size of $34.7M.Stage of entry | No. of Investments |
|---|---|
Seed | 231 |
Series A | 60 |
Series B | 10 |
Series C | 2 |
Series D | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Liquid 2 Ventures' Investments by Sector
Liquid 2 Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Consumer, FinTech and Vertical SaaS. Notably, it has invested in 339 Tech companies, 280 Enterprise (B2B) companies, 238 Software companies and at least 141 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 172 |
High Tech | 72 |
Consumer | 56 |
FinTech | 55 |
Vertical SaaS | 37 |
Others | 330 |
Note: We have considered here, only first round of investments
Liquid 2 Ventures' Investments by Geography
Liquid 2 Ventures has made most investments in United States (252), followed by Canada where it has made 9 investments.Country | No. of Investments |
|---|---|
United States | 252 |
Canada | 9 |
Mexico | 7 |
India | 5 |
United Kingdom | 5 |
Others | 21 |
Note: We have considered here, only first round of investments
Liquid 2 Ventures' recent investments
Liquid 2 Ventures has made 12 investments in 2026 so far. DepthFirst and Conntour are the latest among them.Here are the most recent investments by Liquid 2 Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 31, 2026 | United States | Series B | 3031 | [+6] | |
Mar 26, 2026 | United States | Seed | 6926 | [+2] | |
Mar 18, 2026 | United States | Series B | 1422 | ||
Mar 09, 2026 | United States | Seed | 2673 | [+4] | |
Feb 27, 2026 | United States | Series B | 5002 | [+2] |
Unicorns in Liquid 2 Ventures' Portfolio
Liquid 2 Ventures has 31 unicorns in its portfolio - Mytra, PostHog, Stoke and others. The most recent unicorn in their portfolio is Mytra. It became a unicorn in 2026.Here is a list of unicorns in Liquid 2 Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Developer of warehouse automation systems using bots, software, and cells | 2022 | Brisbane | Series C | oqbpzir | ||
63 | Cloud based product analytics tools | 2020 | San Francisco | Series E | lvkcefd | ||
65 | Manufacturer of reusable launch vehicles | 2019 | Kent | Series D | cksusga | ||
64 | Manufacturer of advanced sensing, detection, and effects technologies for defense | 2022 | Los Angeles | Series D | wtzshrm | ||
70 | Software solution for facility management and commercial contractors | 2018 | Santa Monica | Series C | pobpugl |
IPOs and Publicly Listed companies in Liquid 2 Ventures' Portfolio
2 of Liquid 2 Ventures' portfolio companies have become public. Gitlab got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Oct 2021 at marketcap of $11B and Momentus Space got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ).Here are Liquid 2 Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 14, 2021 | Jul 09, 2015 | Seed | 9471 | |
Aug 14, 2020 | Nov 14, 2018 | Seed | 4594 |
Acquired companies in Liquid 2 Ventures' Portfolio
45 companies from Liquid 2 Ventures' portfolio have been acquired. The most recent acquisition were Getlabs in Apr 2026 by Function Health.Here are Liquid 2 Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 08, 2026 | Apr 13, 2021 | Seed | 7709 | |
Jan 22, 2026 | Feb 04, 2020 | Seed | 6797 | |
Dec 22, 2025 | Sep 08, 2023 | Seed | 6188 | |
Dec 10, 2025 | - | - | 9077 | |
Oct 23, 2025 | Jul 20, 2022 | Series A | 4595 |
Team profile of Liquid 2 Ventures
Liquid 2 Ventures has a team of 12 members including 8 Partners and 2 Principals located in United States. Liquid 2 Ventures' team does not sit on the board of any company as of now.Here is a list of top team members in Liquid 2 Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Seattle | - | ||
Partner | Los Angeles | - | ||
Partner | San Francisco | - | ||
Partner | San Francisco | - | - | |
Partner | San Francisco | - | ||
Partner | Berkeley | - | ||
Partner | San Francisco | - | - | |
Partner | Dallas | - | - | |
Principal | Lehi | - | ||
Principal | San Francisco | - |
Co-investors of Liquid 2 Ventures
Over the past 11 years, 2197 investors have co-invested in Liquid 2 Ventures's portfolio companies. This includes funds and angels.
- Invested before Liquid 2 Ventures: Y Combinator, Techstars and 262 others have invested in rounds before Liquid 2 Ventures. There are 98 companies where Y Combinator has invested before Liquid 2 Ventures and 4 companies where Techstars has invested before Liquid 2 Ventures.
- Top Co-investors of Liquid 2 Ventures: 1214 investors entered a company along with Liquid 2 Ventures. These include investors like Soma Capital (37 companies).
- Invested after Liquid 2 Ventures: A total of 719 investors have invested in Liquid 2 Ventures's portfolio after their investments. Top Investors include Y Combinator (8 companies), Andreessen Horowitz (8 companies) and Google Ventures (6 companies).
Recent News related to Liquid 2 Ventures
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Depthfirst raises $80M to expand AI-native security platform and train domain-specific modelsSiliconAngle•Mar 31, 2026•DepthFirst, Meritech, Alt Capital, The House Fund and 6 others
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Corridor Raises $25M in Series A FundingFinSMEs•Mar 19, 2026•Corridor, Sunflower Capital, Conviction, Artisanal Ventures and 11 others
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Manufact raises $6.3M as MCP becomes the ‘USB-C for AI’ powering ChatGPT and Claude appsVentureBeat•Mar 11, 2026•Manufact, Ritual Capital, Peak XV Partners, Pioneer Fund and 2 others
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Axiomatic AI Raises $18 Million to Advance Verified Engineering IntelligenceVentureburn•Mar 10, 2026•Axiomatic AI, Engine Ventures, Big Sur Ventures, Propagator Ventures and 5 others
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Flux Raised $27M in Series B FundingFinSMEs•Mar 02, 2026•Flux AI, Outsiders Fund, Liquid 2 Ventures, 8VC and 10 others
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Flux, backed by 8VC, raises $37 million to vibe code electronicsDNYUZ•Feb 27, 2026•Flux AI, Outsiders Fund, Liquid 2 Ventures, 8VC and 1 other
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Manufact Raises $6.3M to Connect AI Agents with Model Context ProtocolSiliconAngle•Feb 12, 2026•Manufactured, Peak XV Partners, Y Combinator, Liquid 2 Ventures and 5 others
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Natilus Secures $28M Series A Funding Led by Draper AssociatesVC News Daily•Feb 11, 2026•Flexport, The Veteran Fund, Type One Ventures, Draper and 6 others
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Breezy Raises $10M in Pre-Seed FundingFinSMEs•Feb 02, 2026•O.G. Venture Partners, Fifth Wall, Breezy, Ribbit Capital and 2 others
