# Stage 2 Capital

Stage 2 Capital is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** stage2.capital
- **LinkedIn:** https://www.linkedin.com/company/stage-2-capital

## Regulatory record

- **CRD number:** 314199
- **SEC file number:** 802-130173
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/314199

## About

Stage 2 Capital is a venture capital fund led and backed by GTM experts. It invests $200K–$5M in early-stage B2B software and AI companies from pre-seed to Series A. Every investment pairs a career investor with a seasoned operator, backed by a network of 1,000+ GTM executives. Its approach is rooted in the Science of Scaling methodology.

## Sectors

- Enterprise Software
- AI/ML

## People

- Mark Roberge — Co-Founder
- Liz Christo — Partner

## 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.

### 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.

## Related profiles

- [St. Paul Venture Capital](https://altss.com/profile/st-paul-venture-capital)
- [Sternhill Partners](https://altss.com/profile/sternhill-partners)

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Last updated: 2026-08-11T15:08:11.274Z

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