Go-to-market expertise and capital for the next generation of B2B software

Stage 2 Capital invests in early-stage B2B software companies and sits shoulder to shoulder with leadership teams to operationalize sustainable revenue growth.

How We Invest

World-class go-to-market expertise

Our community is built to support founders as they achieve product-market fit and prepare to scale revenue. The breadth of the LP experience is instrumental in our diligence process to understand the nuances of various industries and buyer personas.

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Two partners for every investment

Traditionally, venture capital partners come from the investment side or the operating side. We believe in the synergy between the two. We support companies using a dual partner pod model, pairing together a traditional investor and a go-to-market operating investor.

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Metrics-driven scaling principles

We've peered inside the go-to-market machinery of hundreds of B2B startups. With this knowledge, our team offers a scientific, data-driven approach to helping founding teams determine when to scale their business, and how fast, with the Science of Scaling methodology.

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Our story

Stage 2 Capital was built to fill a much-needed gap in the startup ecosystem

Starting Stage 2 Capital

After leaving Bessemer Venture Partners, Jay Po co-founded Stage 2 Capital with HubSpot's founding Chief Revenue Officer, Mark Roberge, to help early-stage founders navigate the revenue growth journey

Venture Fund I

In 2018, the duo raised $15 million for their first fund from LPs at Atlassian, Salesforce, Toast, Workday, Snowflake, Zoom, and many others

Venture Fund II

Stage 2 Capital announced an $80 million second fund in July 2021, anchored by a top-ranked global university, and backed by 250+ GTM executives. A second investment pod joined, consisting of Silicon Valley sales veteran, Mandy Cole, and Anu Maheshwari, former investor at Iconiq

GTM Catalyst

The Stage 2 Capital go-to-market Catalyst was publicly launched in the spring of 2022. This program invests in and trains seed-stage founders on go-to-market fundamentals

Venture Fund III

Stage 2 Capital announced $150M Fund III in August 2022, and expanded to its third pod, pairing Liz Christo, former NetSuite GTM executive and Partner at OpenView, with Dan Heck, former investment Partner at OpenView

The Science of Scaling

Our proven approach to building a revenue engine

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Product-Market Fit

Customer Retention

Go-To-Market Fit

Scalable Unit Economics

Growth and Moat

Revenue Growth Rate

Target Market

Early Adopter

Early Majority

Scale vs. Experiment vs. Ignore

GTM Playbook

Win at all Cost

Codified, Scalable

Reinforced

Sales Hire

PM + AE

Process Builder

Process Executor

Demand Generation

Personal Network + Referrals

One Scalable, Measurable Medium

Multiple Mediums, Tightly Aligned with Sales

Pricing

Solve for Customer Commitment

Solve for Unit Economics

Assess Disruption Risk

Compensation

Based on Customer Retention

Customer Retention + Unit Economics

Promotion Path