Football legend Joe Montana is close to closing a new startup investment fund close to $25 million, he told Business Insider at Y Combinator's Demo Day on Monday.
"We're in the process of getting paperwork done, but it'll probably be around $20 to $25 million," Montana told us.
The new fund, called Liquid Two, will be more "opportunistic," with no specific area of focus, Montana said, but he sees it taking focus on its own down the road. He said he hopes to get paperwork done by this week.
The size of the fund indicates it'll most likely be focused on seed stage investments. But Montana's no slouch when it comes to spotting hot startups: Montana says he's invested in Pinterest three times, Dropbox twice, and other large startups like CoreOS in the past.
He'll also have a big-name mentor to turn to for help in SV Angel founder Ron Conway, who he says will most likely join as an advisor for his new fund.
"I ended up catching up with Ron Conway a number of years ago and kind of been following him around, picking his brain and the SV Angel guys' brains," Montana said. "He got me into YC a number of years ago, and one day he asked: why don't you just start a fund?"
But even with that kind of support, Montana didn't seem to have a particularly different criteria when it comes to investment strategy: "You need to have a good team, be resilient, and be able to make changes," he said.
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