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The Venture Codex

Stage 2 Capital

160 East 48th Street, Unit 3S, New York, 10017, United States

Overview

Go-to-market venture capital fund for early-stage B2B software companies.

Founded

2018

Deals ยท 12mo

9

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

United Kingdom
United States

Sector focus

Business Development
Financial Services
Venture Capital

Investment portfolio

64rounds
NAMEDATESIZE
Scaffold
Sep 2026Participated
$15 MSeed
HelmGuard
Sep 2026Participated
$7 MSeed
Axle
Aug 2026Participated
$18 MSeries A
MedScout
Mar 2026Participated
$10 MOther Equity
Slang
Feb 2026Participated
$36 MSeries B
Letter AI
Feb 2026Participated
$40 MSeries B
Tacmind
Nov 2025Participated
$3 MOther Equity
Letter AI
Oct 2025Led
$11 MSeries A
Basis Theory
Oct 2025Participated
$33 MSeries B
Tie
Sep 2025Participated
$10 MSeries A
Curated For You
Sep 2025Participated
$8 MSeed
Fiveonefour
Sep 2025Participated
$17 MOther Equity
Scaffold
Sep 2026Participated
$15 MSeed
HelmGuard
Sep 2026Participated
$7 MSeed
Axle
Aug 2026Participated
$18 MSeries A
MedScout
Mar 2026Participated
$10 MOther Equity
Slang
Feb 2026Participated
$36 MSeries B
Letter AI
Feb 2026Participated
$40 MSeries B
Tacmind
Nov 2025Participated
$3 MOther Equity
Letter AI
Oct 2025Led
$11 MSeries A
Basis Theory
Oct 2025Participated
$33 MSeries B
Tie
Sep 2025Participated
$10 MSeries A
Curated For You
Sep 2025Participated
$8 MSeed
Fiveonefour
Sep 2025Participated
$17 MOther Equity
64
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Insights

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Deal Distribution

Stage 2 Capital: 64 funding rounds are recorded in the selected participation categories.All available history.
Stage 2 Capital: 64 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed1011
Series A1114
Series B07
Series C+02
Other Equity27

Monthly Deal Activity

Stage 2 Capital: 64 deals are recorded across 91 months.All available history.
Stage 2 Capital: 64 deals are recorded across 91 months. All available history
MonthDeals
Apr '191
May '191
Jun '191
Jul '190
Aug '190
Sep '190
Oct '190
Nov '191
Dec '190
Jan '200
Feb '201
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '201
Sep '200
Oct '200
Nov '200
Dec '201
Jan '210
Feb '210
Mar '210
Apr '210
May '211
Jun '210
Jul '213
Aug '210
Sep '213
Oct '210
Nov '210
Dec '210
Jan '220
Feb '222
Mar '222
Apr '221
May '220
Jun '220
Jul '221
Aug '220
Sep '221
Oct '220
Nov '220
Dec '220
Jan '231
Feb '231
Mar '230
Apr '230
May '234
Jun '234
Jul '231
Aug '230
Sep '231
Oct '232
Nov '231
Dec '230
Jan '240
Feb '240
Mar '241
Apr '242
May '240
Jun '241
Jul '244
Aug '240
Sep '243
Oct '240
Nov '241
Dec '240
Jan '251
Feb '250
Mar '251
Apr '250
May '250
Jun '251
Jul '250
Aug '251
Sep '253
Oct '252
Nov '251
Dec '250
Jan '260
Feb '262
Mar '261
Apr '260
May '260
Jun '260
Jul '260
Aug '261
Sep '262
Oct '260

Sector Breakdown

Stage 2 Capital: Enterprise Software is the largest displayed sector by deal count (38 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Stage 2 Capital: Enterprise Software is the largest displayed sector by deal count (38 deals). All available history
SectorDeals
Enterprise Software38
AI & Machine Learning17
Networks, Cloud & Communication16
Marketing & Advertising13
Professional Services12
Data, Analytics & IT11
Fintech8
Travel & Hospitality5
Real Estate & Construction5
Health & Life Sciences5
Education & Workforce4
E-Commerce & Retail4
Developer Tools4
Transportation & Logistics3
Consumer & Lifestyle3
Media & Entertainment3
Cybersecurity & Privacy2
Space & Frontier Tech2
Hardware & Robotics1
Manufacturing1
Food & Agriculture1
Gaming & eSports1
Social & Community Platforms1

Deal Size Distribution

Stage 2 Capital: 64 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Stage 2 Capital: 64 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M15
$5M-$10M16
$10M-$25M26
$25M-$50M5
$50M-$100M1
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Stage 2 Capital: United States has the largest recorded deal count among the displayed regions (50 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

Stage 2 Capital: United States has the largest recorded deal count among the displayed regions (50 deals). All available history
RegionDeals
United States50
Europe11
Australia2
100101
Stage 2 Capital: 20 co-investors are shown, with Y Combinator sharing 7 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Stage 2 Capital: 20 co-investors are shown, with Y Combinator sharing 7 recorded deals. All available history
Co-investorShared deals
Y Combinator7
ATX Venture Partners3
LiveOak Venture Partners3
TIA Ventures3
ACF Investors2
Active Capital2
Ankona Capital2
Base10 Partners2
Bread & Butter Ventures2
Collide Capital2
Cusp Capital2
Dundee Venture Capital2
Dynamism Capital2
Felicis Ventures2
FinTech Collective2
Flybridge Capital Partners2
Flyover Capital2
Fulcrum Equity Partners2
Gradient Ventures2
High Alpha2

Investment Strategy

Stage 2 Capital: Led accounts for 36% and participating for 64% of round participation.All available history.
Stage 2 Capital: Led accounts for 36% and participating for 64% of round participation. All available history
CategoryDeals (count)Share (%)
Led2336%
Participating4164%
Stage 2 Capital: Single-lead accounts for 70% and co-led for 30% of lead dynamics.All available history.
Stage 2 Capital: Single-lead accounts for 70% and co-led for 30% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1670%
Co-led730%

Team

Aman Kandola

Limited Partner

Amy Volas

Limited Partner

Gary Schwake

Limited Partner

John Boucher

Operating Partner

Kathie Johnson

Limited Partner

Liz Cain

Partner

Mark Roberge

Founder

Randy Seidl

Limited Partner

Raymond D. Croghan

Limited Partner