Undercurrent Capital

Since its founding in 2009, H/L Ventures has forged a new way to build companies. H/L Ventures’ unique approach combines Daily Active Engagement with every portfolio company and a focus on investing in growth, impact, and diversity. Today, 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. Our team has pioneered an innovative, effective model that aligns the interests of entrepreneurs, investors, other stakeholders, and society to succeed together. At H/L Ventures, we apply these three key elements across our studios and funds: DAILY ACTIVE ENGAGEMENT WITH FOUNDERS H/L Ventures’ involvement with our portfolio companies is as hands-on and supportive as possible throughout the entrepreneurship journey. This is the hallmark of H/L’s approach: we hold ourselves to a standard of virtually daily contact with every company in our portfolio, on an open-ended basis. This is not the empty promise of a website value-added page, but the core of our investment thesis. We host weekly calls with our senior portfolio team and each team of founders, which leads to daily activities involving our staff, Venture Partners, EPIRs, advisors, and network of service providers. All of this is in a supportive mode, meant to ensure that whatever needs our portfolio companies have, we remain actively relevant and helpful, every day. This care is given to all portfolio companies, regardless of which H/L Ventures vehicle is engaged. A POWERFUL ECOSYSTEM We respond effectively and proactively to our portfolio companies via a powerful team and community. Organized in a hub-and-spoke model around our core portfolio staff, four key communities help us co-build companies: Venture Partners & EPIRs, Advisors, Member Partners, and our affiliated Trusted Partner Network. Our team is shared across all our family of studios and funds. ACCESS TO CAPITAL From inception to exit, we provide many different forms of capital. Pre-Series A start-ups benefit from the H/L Studio model, where they enjoy access to virtually every form of capital, including human capital, social capital, networks, experience, and time. H/L does not normally invest in Pre-Seed rounds, focusing on our broad range of value-add services as we build a deeper relationship together via our Studio. We do however offer $100,000 in funding at the formal Seed round stage for our Studio companies [1, see Footnote], as well as an opportunity to leverage our extensive networks of co-investors to benefit the team’s fundraising efforts. Our opportunity fund, CityRock Venture Partners, invests at Series A and Series B. CityRock funds both qualifying studio portfolio startups and companies that come to us from outside of the studio pipeline, provided they fit our thesis and pass our standard due diligence process. Regardless of placement in the H/L Ventures ecosystem, all of our portfolio companies enjoy full access to our venture studio resources.

Accompagner les champions de l’impact qui changent la donne. Comment ? Long Terme: Grâce à notre structure evergreen, nous accompagnons nos entrepreneurs humainement et financièrement aussi longtemps que nécessaire et utile. Proximité: Forts de nos racines entrepreneuriales, nous agissons au plus près des entrepreneurs pour créer des synergies positives. Expertises: Nous levons des fonds uniquement auprès d’entrepreneurs, aujourd’hui près de 80 actionnaires, prêts à partager leurs expériences entrepreneuriales, sectorielles et métiers. Impact: Fidèles à notre ADN impact first depuis plus de 20 ans, nous sommes les partenaires de modèles pionniers, innovants et engagés. Thèse d’investissement Nous investissons en equity ou quasi equity de 250k€ à 2,5M€ en lead ou co-lead de tours de financement de Seed et Série A : Impact: Dans les champions de l’impact, menés par des entrepreneurs inspirés et inspirants, portant des solutions accessibles au plus grand nombre Ambition: Ayant un potentiel de croissance de l’impact et du business important et la volonté d’apporter des changements systémiques à leur secteur Go-To-Market: Dans des entreprises en phase d’accélération commerciale, avec des premiers retours d’usage et des métriques impact Collectif: Avec des entrepreneurs souhaitant s’entourer et valorisant notre accompagnement de long-terme

Fondé par des entrepreneurs pour des entrepreneurs, Founders Future investit capital financier et capital humain dans les startups de la tech et du digital. Entreprise à mission, nous contribuons à développer un entrepreneuriat ambitieux et responsable pour anticiper les futurs enjeux de notre société. Dans l’exercice de notre métier, nous sommes déterminés à générer un impact positif en termes social, sociétal et environnemental. Notre volonté ? Capter les grandes évolutions de notre société, repérer les entrepreneurs qui savent les anticiper, et les guider pour transformer leur vision en réalité. En un mot, nous construisons ensemble les modèles d’entreprise du futur et aidons à en structurer les fondations. Pour y parvenir, quatre valeurs nous orientent : engagement, conviction, exigence, audace. Co-construire les entreprises du futur prend du temps. Respectueux de l’initiative entrepreneuriale, nous envisageons donc nos relations avec les fondateurs dans la durée. Nous les préparons, les orientons, les conseillons, dans les périodes difficiles comme dans les moments plus sereins. Nous faisons équipe avec eux. Et c’est là notre plus grande fierté ! NOS VALEURS ENGAGEMENT. Respectueuse de l’initiative entrepreneuriale, notre équipe accompagne le fondateur à chaque étape du développement de son entreprise. Nous nous impliquons dans la durée et agissons en partenaires, dans les moments difficiles comme dans les instants plus sereins. CONVICTION ET EXIGENCE. Parce que nous choisissons des entrepreneurs experts dans leur domaine, visant l’excellence dans la mise en œuvre et restant humbles à chaque étape du développement, nous avons à cœur de les emmener au sommet. Des entrepreneurs, ambitieux et responsables, qui partagent notre exigence et nos convictions. C’est là une des conditions d’un partenariat efficace et durable. AUDACE. Nous savons repérer les entrepreneurs qui répondront aux enjeux d’un monde qui change toujours plus vite. Nous osons investir temps et capital dans les entreprises qui captent les tendances sociétales et proposent des solutions innovantes.

INCO Ventures manages or advises more than €500M of assets to invest in the most promising start-ups and companies that are shaping the new inclusive and sustainable economy, and advises funds on their investments or on impact measurement. Accelerating game-changers of social economy & sustainable development As we are facing widening inequalities and ecological collapse, we believe it is critical to build a more inclusive and more sustainable economy.​ Achieving this vision requires the creation and development of ventures that offer solutions to our current major social and environmental issues, while creating new markets and jobs for tomorrow. To fund these companies, INCO Ventures manages or advises more than €500M to meet their needs, wherever they are located. To its investors, INCO Ventures ensures a triple return on investment: economic, social and environmental, clearly measured using a unique impact assessment tool: INCO Ratings. INCO Ventures thus brings another vision of finance. A finance anchored in the real world, close to the companies that are making a difference, and creating value for all: citizens, employees, entrepreneurs and investors.

Launched in 2018, the Conduit Connect exists to scale innovative impact technologies and businesses that are solving some of the most challenging and critical issues of our time. We do this by connecting world class entrepreneurs and fund managers to values aligned impact investors and experts. We review hundreds of impact deals per year to select the most sustainable and investable opportunities with environmental and social impact at their core. Eligible companies and funds are offered a dedicated team that introduces them to values-aligned impact investors and mentors. Our private digital platform publishes these investment opportunities to professional investors and we host monthly showcase events that are aimed to raise the profile and visibility of these businesses.

We're not just investors - we're operators, co-founders, and long-term partners to the companies we help create. Our Philosophy We build and invest only in ventures that address real, urgent problems through futuristic, original ideas. Every solution must be measurable, scalable, replicable, and ideally serve underserved communities with lasting, positive impact. Our ValuesOriginality: We don’t copy - we invent. Every venture starts from first principles and our commitment to solving real problems in bold, new ways. Founder Mentality: Whether on the studio team or joining a venture, we take ownership like founders. No spectators, no handoffs - just shared ambition and accountability.Purpose-Driven Impact isn’t an afterthought - it’s embedded in every decision we make. We build for underserved markets and design for systemic change. Execution Excellence: We value speed, but never at the cost of quality. We build lean, validate early, and move with clarity and intent. Integrity Over Optics: We do the right thing, especially when no one is watching. Transparency, honesty, and trust define how we work and who we work with.