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Based in Cape Town, HBD was established in 2000 by Mark Shuttleworth. Our first fund, HBD Fund1, offered seed capital to a range of start-up companies. The fund will not make any new investments but continues to offer support with a view to successfully on-selling our ventures within the next two years. We launched our second fund, HBD Fund2 in 2006. Focused on early stage ventures, HBD Fund2 provides R150-million in funding. Well-defined criteria dictate that only companies which have been generating revenue for at least six months and have the potential for successful, profitable on-sell within three to five years will be eligible for funding. Each investment will be between R10-million and R25-million.