Companies · Other

Rio2 Ltd

Vancouver · Other

Diligence memoA one-page analyst read on Rio2 Ltd — recommendation, valuation, rhythm, risks.
$190.1M
Total raised · real
4
Rounds
3.0×
Latest step-up
Top 3%
Sector rank · raised
Series D+
Latest stage · inferred · Mon Dec 15 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Rio2 Ltd looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.10× the median modeled value of Series D+ Other companies in 2025–2027 (50 peers) — value vs value, same stage and era.
  • Within the normal band (110% of peer median) for its niche.
Active
  • Last raise 7 mo ago; this sector typically re-raises about every 11 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

Rio2 Ltd is one of 25015 Other companies tracked from Vancouver. By capital raised it ranks among the largest (ahead of 98% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
60
Investors (latest)
2025-12-15
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeries A · 2018-05-31 Raised $5.0M (real) Modeled valuation $76M (est)$5.0M$76MSeries A2018Series A · 2024-04-17 Raised $3.1M (real) Modeled valuation $15M (est)$3.1M$15MSeries A2024Series C · 2024-10-29 Raised $45M (real) Modeled valuation $330M (est)$45M$330MSeries C2024Series D+ · 2025-12-15 Raised $137M (real) Modeled valuation $1.0B (est)$137M$1.0BSeries D+2025+$3.1M+$45M+$137MCumulative $190M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$5.0M · 2018
Series A extension$3.1M · 2024
Series C$45.4M · 2024no Series B on file
Series D+$136.5M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$1.0B
Base estimate est.
$773.6M
Conservative case
$1.2B
Upside case
$1.1B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series A · modeled $75.7M · 2018-05-312018Series A · modeled $15.1M · 2024-04-17Series C · modeled $329.5M · 2024-10-29Series D+ · modeled $1.0B · 2025-12-152025
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
85%
Survival probability
68% low · 94% high
1.16×/yr
Annual markup
1.30×/yr upside case
0.5 yr
Elapsed time used
0.5 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
30 mo
Avg between rounds
$25.2M/yr
Capital velocity
8.1 yr
On record since
2018
First round
4
Rounds on file
How it compares to the market

Benchmarked against 25015 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 93× above median
This company$190.1M
Sector median$2.0M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.1× above median
This company$136.5M
Sector median$125.1M
Modeled value — vs sector median (estimate, all stages) 59× above median
This company$1.0B
Sector median$17.7M

Raised more than 98% of sector peers (real $). Modeled value above 97% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #22 of 50.

This companyCohort peer
$100.0M$1.0B$10.0B$100.0M$1.0B$10.0BCapital raised (log)AP Adhesives Acquisitions, Inc. · Series D+ Raised $369.6M · modeled $3.1B (est)INNOVATE Corp. · Series D+ Raised $411.5M · modeled $2.9B (est)Curaleaf Holdings, Inc. · Series D+ Raised $691.1M · modeled $2.6B (est)Phantom Parent, LP · Series D+ Raised $585.5M · modeled $2.5B (est)Impulse Space, Inc. · Series D+ Raised $353.3M · modeled $2.5B (est)Brera Holdings PLC · Series D+ Raised $303.3M · modeled $2.4B (est)Skims Body, Inc. · Series D+ Raised $623.6M · modeled $2.0B (est)Econic Professionals US LLC · Series D+ Raised $217.8M · modeled $1.9B (est)Capital Rx, Inc. · Series D+ Raised $499.6M · modeled $1.9B (est)Casago Holdings, LLC · Series D+ Raised $220.1M · modeled $1.9B (est)DraftKings Inc. · Series D+ Raised $1.1B · modeled $1.8B (est)Koch, Inc. · Series D+ Raised $408.4M · modeled $1.7B (est)Rio2 Ltd (this company) Raised $190.1M · modeled $1.0B (est)Rio2 Ltd
CompanyStageRaised · realValue · estvs peer med.
AP Adhesives Acquisitions, Inc.Series D+$369.6M$3.1B3.30×
INNOVATE Corp.Series D+$411.5M$2.9B3.08×
Curaleaf Holdings, Inc.Series D+$691.1M$2.6B2.72×
Phantom Parent, LPSeries D+$585.5M$2.5B2.68×
Impulse Space, Inc.Series D+$353.3M$2.5B2.60×
Brera Holdings PLCSeries D+$303.3M$2.4B2.51×
Skims Body, Inc.Series D+$623.6M$2.0B2.15×
Econic Professionals US LLCSeries D+$217.8M$1.9B1.97×
Capital Rx, Inc.Series D+$499.6M$1.9B1.96×
Casago Holdings, LLCSeries D+$220.1M$1.9B1.95×
DraftKings Inc.Series D+$1.1B$1.8B1.89×
Koch, Inc.Series D+$408.4M$1.7B1.76×
Rio2 Ltd this companySeries D+$190.1M$1.0B1.10×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$5.0M2018-05-31$22.7M$75.7M90%
Series A$3.1M2024-04-17$14.2M$15.1M90%
Series C$45.4M2024-10-29$302.9M$329.5M90%
Series D+$136.5M2025-12-15$1.1B$1.0B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$5.0M2018-05-31
    • First recorded raise — entered as Series A.
    • 3 investors on this round.
  2. Series A$3.1M2024-04-17
    • Raised again after 71 mo — slower than the ~11 mo sector norm.
    • Round 1.6× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  3. Series C$45.4M2024-10-29
    • Came back fast: 6 mo vs the ~11 mo sector norm.
    • Round 14.6× larger than the prior — scaling up.
    • 8 investors on this round.
  4. Series D+$136.5M2025-12-15
    • Raised 14 mo later, in step with the ~11 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 60 investors on this round.
Intelligence
2028 ~Q2
Modeled next raise · ~30mo cadence
$409.6M
Modeled next size est.range $266.2M$655.3M
3.0×
Last step-up
$25.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Alexander Black2 other2024-04
Albrecht Schneider1 other2024-04
Klaus Zeitler1 other2024-04
Albrecht Georg Schneider2024-10
Alexander Subbarathnam Black2024-10
Alex Luis Black2018-05
Andrew Cox2024-04
Andrew Owen Cox2024-10
Coimbatore Subbarathnam Ramachandran2024-10
Daniel Luis Kenney2018-05
David Luis Thomas2018-05
Drago Guillermo Kisic2024-10
Jose Luis Martinez2018-05
Kathryn Johnson2024-04
Kathryn Louise Johnson2024-10
Klaus Luis Zeitler2018-05
Klaus Martin Zeitler2024-10
Ram Luis Ramachandran2018-05
Ram Ramachandran2024-04
Sidney Luis Robinson2018-05
Sidney Peter Hamlin Robinson2024-10
Sidney Robinson2024-04
Registry & provenance

Rio2 Ltd is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1743235
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
PSKW Holdings, LLCOtherSeries D+$188.3M$1.2Bsame sector · same stage
Ark Encounter, LLCOtherSeries D+$192.1M$885.4Msame sector · same stage
FrameTec Bravo LLCOtherSeries D+$197.6M$997.2Msame sector · same stage
DMMS Purchaser, Inc.OtherSeries D+$171.1M$1.3Bsame sector · same stage
Capstone Capital Asset Investment Fund, Inc.OtherSeries D+$150.0M$1.1Bsame sector · same stage
Tejascore Techsystems IncOtherSeries D+$140.0M$830.5Msame sector · same stage
Stout Holdings Management Aggregator I, L.P.OtherSeries D+$136.3M$1.1Bsame sector · same stage
Evommune, Inc.OtherSeries D+$267.3M$1.0Bsame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
BF Rio Holdings, Inc.Other TechnologySeries C$125.7M81%
KWAN2 Holdings, LLCOtherSeries B$180.0M80%
R2 Global Exchange LLCOtherPre-Seed$4.2M80%
Aurexium Exchange LtdOtherSeries A$28.3M80%
G2 Goldfields Inc.OtherSeries B$29.2M80%
2be Live CorpOtherPre-Seed$22.0M80%
E2Gold Inc.OtherPre-Seed$951K79%
O2, Inc.OtherPre-Seed$1.5M79%
Frequently asked
How much funding has Rio2 Ltd raised?
Rio2 Ltd has raised approximately $190.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Rio2 Ltd's estimated valuation?
Provath's modeled valuation for Rio2 Ltd is approximately $1.0B (modeled range $773.6M–$1.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Rio2 Ltd at?
Rio2 Ltd's latest modeled financing stage is Series D+. Its most recent recorded round closed around Mon Dec 15.
What does Rio2 Ltd do and where is it based?
Rio2 Ltd operates in the Other sector, based in Vancouver.
Explore related

See where Rio2 Ltd sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Rio2 Ltd, claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.