H/L Ventures manages a family of companies and funds that together comprise a holistic company-building ecosystem. At the heart of this system is H/L Studio, which was among the first venture studios to include social impact in its investment thesis. That venture studio is now supported by our opportunity fund, CityRock Ventures, and our managed services group, H/L Strategies, among other entities.

In 2009, H/L Ventures was one of the early pioneers of the venture studio model, launching what we now call H/L Studio as our first strategy. From inception, our team believed that taking an active role in co-building our portfolio companies – far beyond simple funding – would be crucial at any stage. Many venture firms speak of having a studio or value-added services, but to truly deliver the rarest form of venture capital – consistent support to all portfolio companies – requires the right structure. We partner with founders to create extraordinary enterprises, aligning our interests as closely as possible with the entrepreneur(s).

The CityRock family of funds are the associated growth vehicles of H/L Ventures. CityRock funds begin investing in Series A, both in our existing H/L studio companies and in companies new to our firm, but similarly focused on growth, impact, and diversity. While our CityRock funds participate in Series A and some B rounds in amounts ranging from $500,000 to $1,500,000, CityRock funds also normally receive some modest consideration in options or warrants for all the value-added work of the H/L studio team, which works in daily active engagement with every CityRock portfolio company, just like we do with our studio companies.

We’re focused on being the best partner for founders at the very first stages of company creation, and we have designed the firm to do just that. When you work with H/L Ventures, you get active partners working side-by-side with you on your biggest and smallest challenges. Whether it’s setting strategy for a fundraise or thinking through your organizational design, we’re in your corner through the thick and thin of company building over those first few critical years and beyond.

On top of that, you get access to our full H/L Ventures ecosystem which consists of our full-time staff, Venture Partner team, Member Partners of the Holding Company, Advisors, and hundreds of subject matter expects, working to help you fast forward through the tough nitty-gritty of building a company so you can focus on what makes yours special. Whether it’s our portfolio team building your Series A deck, or one of our venture partners connecting you with top-tier candidates, we’re here to help across all your needs.

H/L Ventures works with companies that are protecting or promoting people or the planet. We are industry-agnostic, with massive networks that allow us to be relevant to almost any business and industry with the right configuration of our team.

We are sector-agnostic, however H/L Ventures works with companies that are protecting or promoting people or the planet. This can be either through the mission of the company or the diversity of the founding team. Please see some of the industries we already work in today.

Please see our amazing community and team here.

We pick our Member Partners very carefully, and it’s important to have shareholders who we can be proud of and who share our values. All of our investors are accredited individuals who have a passion for early-stage company building. We do not have any sovereign wealth funds or government associated entitles as investors.

Please see our expanding portfolio here.

We work with companies across the entire US. Unfortunately, we cannot work with companies outside the US. We are, however, able to help internationally-based companies in certain geographies to launch a US company and presence, but can only hold ownership in a US-domiciled entity.

Our mission is to build and serve the strongest community of entrepreneurs. Diversity and inclusion are core to the strongest communities around the world and thus, are core to the H/L Ventures Community and must be for the broader technology ecosystem. We also believe that diverse teams increase performance, and have data to substantiate this from over a decade of operation. We live this mission, with a core team that is extremely diverse in gender, ethnicity, and experience.

As part of our diligence process, we’ll introduce you to a couple of our current portfolio founders so you can hear directly from them what it’s like to work with H/L Ventures. In the meantime, check out our founder bios, many of which feature their thoughts on H/L Ventures.

The biggest factors in our decision-making are the founding team and our ability to help (we call that “relevance”). For us to be involved, we must be able to meaningfully increase the odds of success for the company. There are other things we look for, which you can find at this link if you are thinking of applying for H/L Studio, and this link if you are interested in CityRock Ventures.

In the case of pre-Seed companies, H/L Studio takes equity in exchange for partnership: we build first and view our commitment of time, expertise, team, network, and experience as an investment in non-financial capital. As part of the H/L Studio model, our CityRock funds commit to $100,000 investments in the formal Seed Rounds of our studio companies.  CityRock reserves the right to invest earlier, at the CityRock Investment Committee’s discretion, and may also elect not to invest in Seed Rounds that (1) materially deviate from NVCA standard terms and/or (2) exceed a cap or post-money valuation of $10M. This does not mean that we would not elect to invest in such rounds, but we are not obligated to do so if the rounds are outside the parameters. CityRock Ventures invests capital at Series A (and occasionally Series B) in both H/L Studio companies and companies coming to us from outside of the studio pipeline. In the case of CityRock investing in a Series A or later round which is not from our studio, CityRock Ventures will also require options/warrants in consideration of the full support of our team for every CityRock portfolio company, regardless of origin.

CityRock Ventures invests capital at Series A (and occasionally Series B) in both H/L Studio companies and companies coming to us from outside of the studio pipeline. In the case of CityRock investing in a Series A or later round which is not from our studio, CityRock Ventures will also require options/warrants in consideration of the full support of our team for every CityRock portfolio company, regardless of origin.

H/L Ventures investments have previously ranged from as little as $10,000 to over $3,000,000, which does not include co-investment by our active investors. As part of the H/L Studio model, our CityRock fund commits to $100,000 investments in the formal Seed Rounds of our studio companies¹Studio company Seed rounds must meet minimum “market” terms to be eligible for funding..

That is completely up to you. Our process does not depend on the timing of your fundraise (in fact, we often prefer to start with companies that are not in an active raise). However, if we are able to form an equity partnership before your round closes, we are able to help fundraise and potentially invest. It is important to note that we are neither professional fundraisers, nor a broker/dealer. When we work alongside our portfolio companies to raise money, it is as owners in those companies and working with, not for, the leadership team. This is a crucial distinction and one we take very seriously.

No, we have worked with companies who have raised several millions of dollars in funding and are approaching the Series A stage, and our CityRock growth funds invest in Series A and later companies. 

H/L Ventures has the ability to make investments post-Series A and later stages of the H/L Ventures portfolio companies. Companies coming to H/L Ventures at Series A or later are considered by our later-stage CityRock Venture Partners funds. CityRock makes capital investments in Series A rounds and later in our existing studio companies and in new companies from outside of the H/L Studio pipeline. In the case of CityRock investing in a Series A or later round which is not from our studio, CityRock will also require options/ warrants in consideration of the full support of our studio team for every CityRock portfolio company, regardless of origin.

Yes. We have the ability to invest in Series A and B companies. Companies coming to H/L Ventures at Series A or later are considered by CityRock Ventures. CityRock makes capital investments in Series A rounds and later in both, our existing studio companies and new companies coming to us from outside the H/L Studio pipeline. In the case of CityRock investing in a Series A or later round which is not from our studio, CityRock will also require options/warrants in consideration of the full support of our studio team for every CityRock Ventures portfolio company, regardless of origin.

For the H/L Studio, our initial equity stake ranges from 5% to 20%, depending on the stage of the company. We like to own enough of a company to make sure that we can dedicate meaningful time and resources to helping you build. The historical average stake (through 2020) across our H/L Studio portfolio is just over 8%. This is determined on a case-by-case basis depending on stage, need, etc.

CityRock Ventures has no specific target for ownership. Please review our terms here.

Like many VCs, we do not sign NDAs up front, as a matter of policy. Do not share with us anything that you are concerned about, and if we are deep in due diligence and need to see trade secrets, we may sign a more narrow, targeted NDA about that specific information.

Our diligence process is a unique mixture of components that is meant to be a true two-way street. We must evaluate opportunities selectively, and we know that founders will do the same to us, as well they should. Relevance and likelihood of a successful partnership is at the heart of what we are working to determine via due diligence. Please see here for our due diligence process at the H/L Studio, and here for our process at CityRock Ventures.

Just as we are selective about the companies we work with, we expect you to be selective about the investors/partners you work with. Our diligence process is designed to determine if there is a mutual fit between us. This can take anywhere from several weeks to as long as a few months.

We do not request or require board seats. We consider taking board seats when asked by the founder. We will take a board seat if we lead a subsequent round.

It is your company and we do not try to take control or override the decisions of our founders. We will honestly express our opinion and advice, but we will support the decisions you make. Our incentives are as closely aligned to founder incentives as possible, unlike traditional venture firms.

H/L Ventures becomes an extension of your team. You get access to our full-time portfolio team, venture partners, and extended network of subject matter experts. We help on almost every aspect of your company including hiring, service providers, branding, sales, marketing, PR, product, finance, fundraising, and much more. We aim to have relevant support for any founder need. Please see our model here for further information.

Very closely. As an extension of your team, our relationship with you is similar to an early employee or co-founder. We are in contact with our entire portfolio on a virtually daily basis, either through email, calls, or text.

No. As an H/L Ventures portfolio company, you receive full access to our entire portfolio team. Our entire portfolio team will be on most communications with your company, although the full team will not be present on every call.

Yes. Within the H/L Ventures ecosystem, we have great networks of senior level executives always on the lookout for new positions, recruiting firms who specialize in specific roles (SDRs, Engineers, etc.) and industries, and Venture Partners who have years of expertise in building teams. We will always pick up the phone to take initial interviews or help close candidates. We will help everywhere from drafting the job description to determining the appropriate compensation structure.

Absolutely. H/L Ventures may even – and often does – invest in future financing rounds. For every company, and every round, we will reach out to our extensive network of angel investors, family offices, VCs, and others to help you fill out the round. It is important to note that we are neither professional fundraisers, nor a broker/dealer. When we work alongside our portfolio companies to raise money, it is as owners in those companies and working with, not for, the leadership team. This is a crucial distinction and one we take very seriously.

Whether you are a consumer company trying to optimize paid marketing, or an enterprise company looking to nail down your channel partner strategy, the best way to get up to speed fast is to learn from those who have been there before. We’ve helped dozens of early-stage companies across a wide range of industries on their early growth and customer acquisition plans. If we don’t have the answer in-house, we will find someone else who does from within the H/L Ventures ecosystem. We have a vast network of subject matter experts who we can connect to our companies to provide custom, focused advice based on the exact situation. Our networks cover a wide range of industries, and we often utilize that network for direct access to senior and executive level decision makers.

Yes, we have a network of hundreds of vetted service providers that we call the H/L Trusted Partner Network. The network includes everything from legal providers to computing services. We’ve vetted each of these service providers and in many cases have a relationship in place where the service provider will offer a discount or preferred pricing. Our portfolio companies are currently able to access over $300,000 worth of perks from the H/L Trusted Partner Network per company.

Through our experience, we have found that our involvement and ability to add value does NOT fade over time. Many issues and needs of early-stage companies persist throughout the life of the company: hiring, finance, investor relations, sales, marketing, and fundraising, among others. Because we partner with founders very early-on in their company’s life, we are able to form a strong bond with the team and become the first point-of-contact for many of these issues as they arise.