CityRock has announced the closing of its $24 million Fund II to support founders from diverse backgrounds.
This fund, part of H/L Ventures, will invest in companies within sectors such as climate, healthcare, and the future of work.
Expanding Support for Series A Companies
CityRock’s new fund marks a step in H/L Ventures’ mission to provide support and investment for its portfolio companies.
According to Oliver Libby, co-founder and managing partner of H/L Ventures, the average investment size for CityRock Fund II will be $1 million.
The fund, currently being deployed, aims to invest in 14 Series A companies, mirroring its efforts in the seed-stage investments through its seed program.
Libby stated that nearly 85% of the founders in the CityRock portfolio come from underrepresented backgrounds, including gender, race, socioeconomic status, sexual orientation, and military service.
Fund I, which closed at $17 million in 2021, is fully deployed, having backed 15 companies, including notable names such as AndieSwim, Group Black, and Aunt Flow.
By investing in these diverse perspectives, CityRock aims to foster innovation from all corners of society, not just the traditionally privileged ones.
A Vision for Impact and Success
Founded in 2009 by Eric Hatzimemos and Oliver Libby, H/L Ventures has built a platform that includes a venture studio, standard funds, and a seed program.
With the launch of CityRock Fund II, the firm continues to enhance its holistic support for portfolio companies, striving to back founders with positive missions that lead to both financial success and societal good.
Over the next four years, CityRock Fund II will work to support a diverse group of founders, reflecting H/L Ventures’ commitment to inclusive innovation and impact.
“In a challenging fundraising environment, we’ve successfully raised just under $25 million for our second CityRock fund,” the company wrote.
“Our dedication to supporting underrepresented founder groups and companies with a positive impact on people or the planet remains stronger than ever.”
Feature Image Credit: Partpic co-founder Jewel Burks Solomon (left), Myavana founder Candace Mitchell, and Empowrd founder Horace Williams. Lynsey Weatherspoon
