Zone II Ventures Research
Investment Thesis
Zone II Ventures is a London-based early-stage venture firm founded by Ricardo Schaefer. Its tagline is "Transforming Grit to Growth" and its manifesto reads "Backing founders who embrace the long hard yards. Because extraordinary outcomes aren't built on race day, they're forged in the daily grind." The firm's name comes from Schaefer's triathlon training: Zone II is the steady heart-rate range used to build endurance. The thesis is founder-first. Zone II looks for founders with endurance and resilience who can turn ambitious visions into generational companies. The website does not state a sector thesis, a stage rule or a fund size.
Stage Focus
The firm describes itself on LinkedIn as backing founders "across stages, geographies, and sectors". Its disclosed activity runs from pre-seed (Tzafon) and seed (Waniwani, $8M seed led by Seedcamp) to Series A and later follow-ons (Corgi Series A, Series B and B1). Early stage is the core, with follow-on participation in breakout companies.
Check Size
Zone II states an average check of about EUR 1M. NFX Signal lists Ricardo Schaefer's personal investment range as $100K to $5.0M with a $2.5M sweet spot, across 32 recorded investments. That range includes his earlier roles at Target Global and as an angel, so the firm's own figure of EUR 1M is the better guide.
Lead Tendency
The evidence points to participation rather than leading. Zone II is named as a participant in Corgi's Series B and B1 (both led by TCV) and in Waniwani's seed (led by Seedcamp). No disclosed round shows Zone II as lead. Lead tendency is recorded as unknown, leaning follow.
Recent Activity
- Corgi (AI-native insurance carrier): Zone II backed the company from its Series A. Participated in the $160M Series B at a $1.3B valuation (May 2026, led by TCV) and the $106M Series B1 at a $2.6B valuation (May 2026, led by TCV).
- ARMMO Defense Technologies: a new European defense and drone company. Schaefer announced Zone II's investment on LinkedIn in roughly spring 2026.
- Waniwani: participated in the $8M seed round led by Seedcamp, announced around mid 2026.
- Andercore: Schaefer thanked on the company's $40M equity and debt financing (led by Atomico, Project A and Inven Capital), which suggests an earlier investment.
The firm appears to be actively deploying. No fund size, vintage or LP base is disclosed.
Portfolio Highlights
The portfolio page lists twelve companies: ARMMO (defense), Bestow (life insurance and annuities infrastructure), Bron (non-custodial crypto wallet), Cenotian (industrial and commercial automation), Corgi (AI insurance), Cyberlift (human risk management and security), Generation Lab (epigenetic aging tests), Kontigo (financial infrastructure for credit and payments), Revolut (global financial super app), Perk (formerly TravelPerk, business travel), Tzafon (foundation models and infrastructure for AI agents) and Zepto (Indian quick commerce). Revolut and Zepto are the large outcomes, and Corgi has become one in 2026. Several of these were angel investments made by Schaefer before the firm existed.
Team
- Ricardo Schaefer, Founder & Partner: early-stage investor for over a decade. Early member of the Seedcamp team (Fund III era, 2014 to 2016), where he saw Revolut and UiPath grow. Later partner at Target Global, founding partner at Loric Ventures and Moving Capital, venture partner at Cherry Ventures, and an angel investor in Maven Clinic, PlanRadar, Zencargo and Habito. London-based and holds a doctorate.
LinkedIn shows a company size of 2 to 10 and one other listed employee, but no other partner is named on the site.
Decision Process
Solo GP. The site names one person and every announcement comes from Schaefer. Decisions appear to be made by him alone, and he often co-invests alongside former Seedcamp colleagues.
Founder Preferences
Grit, endurance and resilience. The firm backs founders who accept long, hard work and compound progress, and Schaefer's posts praise teams for speed, ambition and hard work (Corgi) and for "grit and dedication" (Andercore). Founder pedigree is not a stated criterion.
Geographic Focus
Based in London, with investments across the UK, continental Europe (Spain, Sweden, Germany), the US (Corgi, Bestow) and India (Zepto). The firm says it invests across geographies, with a European lean on defense.
Gaps
No fund size, AUM, fund vintage or formal check range beyond the EUR 1M average. Stage at investment is not sourced for individual companies. Portfolio logos on the site have no readable captions, so company names come from the page's outbound links and descriptions.