The H/L Ventures studio does not provide investment up-front, rather we take equity in exchange for partnership. We may invest capital in future rounds, and in some cases, lead rounds. H/L Ventures investments have previously ranged from as little to $4,000 to as much as $1,500,000. We build first and, once we have served in the trenches with the management team and truly understand their business, we may invest financial capital depending upon our evaluation of the merits of that investment. We view our commitment of time, expertise, team, network, and experience as an investment up-front in non-financial capital. Companies coming to H/L Ventures at Series A or later are considered instead by our later-stage CityRock Venture Partners funds. CityRock makes capital investments in Series A rounds and later, preferentially in our existing studio companies, but occasionally in new companies as well. In the case of CityRock investing in a Series A or later round which is not from our studio, CityRock wil also require options/warrants in consideration of the full support of our studio team for every CityRock portfolio company, regardless of origin.”