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Stage 2 Capital
Stage 2 Capital was co-founded by Mark Roberge, who previously built the revenue engine at HubSpot as its founding CRO and now lectures on scaling at...
Stage 2 Capital
Stage 2 Capital was co-founded by Mark Roberge, who previously built the revenue engine at HubSpot as its founding CRO and now lectures on scaling at Harvard Business School. The firm operates from New York and positions itself as the first venture capital fund led and backed exclusively by go-to-market practitioners. Its LP base consists of over 1,000 senior GTM executives from technology companies including Anthropic, OpenAI, Replit, Snowflake, Atlassian, Notion, Workday, Zoom, and ServiceNow. The firm writes seed and Series A checks into B2B software and AI startups, focusing intensely on the transition from product-market fit to a repeatable, scalable revenue model. Its investment team works in two-person pods that combine one partner with traditional venture and finance experience and another with operating GTM expertise. This structure directly informs portfolio support: Stage 2 Capital's network of LPs is matched to portfolio companies' strategic needs, often joining the startups as executives, board members, or advisors. The firm's website confirms that its LP community participates in every investment the firm makes. Stage 2 Capital does not publicly disclose assets under management or total deployment figures. Its stated mission is to provide both capital and go-to-market execution support to early-stage entrepreneurs. The firm publishes revenue-scaling frameworks and data-driven methodologies developed from its internal analysis of hundreds of B2B startups, and co-founder Mark Roberge authored a book on the subject, pledging all proceeds to McLean Hospital. What distinguishes Stage 2 Capital architecturally is its integration of a structured operator network directly into the investment process — not as an ancillary value-add, but as a formalized sourcing and portfolio-support mechanism. Every LP is a GTM leader at a top software company, and their involvement is both expected and systematically activated. The firm's pod model further institutionalizes this commitment, ensuring that no investment is made solely through a financial lens.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, United States
Principals
Mark Roberge
Co-Founder
Liz Christo
Partner
Sector focus
Frequently asked questions
What is the investment structure at Stage 2 Capital — do the GTM LPs invest individually or through the fund?
Stage 2 Capital pools capital from its network of over 1,000 go-to-market executives into a traditional venture fund structure. The LPs commit capital to the fund, and the firm reports involving its operator LP base in every investment it makes, often by placing them directly into portfolio companies as executives, board members, or advisors.
How does the pod investment model work in practice?
Each investment decision is managed by a two-person pod: one partner comes from a conventional venture or finance background, and the other has direct go-to-market operating experience. This dual lens is designed to evaluate both the financial merits of a deal and the startup's readiness for scalable, repeatable revenue growth before an investment is made.
What is the known relationship between Stage 2 Capital and HubSpot?
Co-founder Mark Roberge was HubSpot's founding CRO, but Stage 2 Capital is an independent venture capital firm, not a corporate venture arm of HubSpot. HubSpot alumni and current GTM leaders from a wide range of companies, including Snowflake, Datadog, and Zoom, form its LP base alongside executives from other firms.
Does Stage 2 Capital invest beyond the seed stage?
The firm states it invests in seed and Series A rounds, targeting B2B software and AI startups. Its operational focus on go-to-market fit and building the initial scalable revenue engine aligns closely with the transition period that occurs between seed and Series A milestones.
Does the firm take board seats as part of its investment strategy?
Stage 2 Capital does not publicly disclose a policy on board seats, but its website notes that members of its LP network often join portfolio companies as board members or advisors in addition to executive roles, suggesting a hands-on governance posture.
Are there philanthropic structures associated with the firm's principals?
Co-founder Mark Roberge has pledged all proceeds from his revenue-scaling book to McLean Hospital, a global leader in mental health research and care. The firm does not mention any separate philanthropic foundation in its public materials.
What is Stage 2 Capital's fundraising structure — is it an evergreen vehicle or a closed-end fund?
The firm's public materials do not specify whether its funds are structured as evergreen vehicles or traditional closed-end funds. It raises capital from its LP base of GTM operators without disclosing fund terms, vehicle duration, or whether subsequent funds have been raised beyond its initial vehicle.
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