VC Fund Dossiers

L2V is the VC equivalent of a successful restaurant franchise - they've figured out a repeatable formula and are executing it at scale. Joe Montana's brand gets them in the door, but Ma and Miller do the real work. They're genuinely founder-friendly with unusually strong follow-through on intros and support, which matters when you're writing small checks. The 420x return on GitLab shows they can spot winners early, but with 700+ portfolio companies, they're basically running a diversified seed index fund. Don't expect deep sector expertise or lead-level attention, but if you want a connected, supportive investor who won't ghost you post-investment, they're solid. The Montana name still opens doors that matter.

This is a classic operator-turned-VC story with Italian founders who've been quietly building a solid track record since 2016. They keep it simple with "both partners in every founder meeting, face to face" and no committees or endless back-and-forth. They don't take board seats and invest "founder-first," believing not having a board seat is in everyone's best interest. They promise same-day email responses to portfolio founders asking for advice. The catch? They strongly prefer US-based companies and Silicon Valley founders specifically, telling non-US companies to "relocate the company and founders, then come talk to us." Their $500K check size is getting small for today's market, but they seem to punch above their weight on outcomes.