Foundry Group, LLC, (the “Adviser”) is an investment advisory firm organized as a Delaware limited liability company. The Adviser was founded in August 2007. Brad Feld, Seth Levine, and Ryan McIntyre are the principal owners of the Adviser. The Adviser conducts its advisory business through affiliated entities. Specifically, Foundry Group Next, LLC and various other entities that serve as general partners of or advisers to private investment funds (together “Affiliated Entities”) are not registered investment advisers. Instead, the Affiliated Entities rely on the Adviser’s registration in accordance with SEC guidance (the Adviser and Affiliated Entities are collectively referred to herein as “Foundry Group”). See Item 10. The principal owners of Foundry Group Next, LLC are: Jaclyn Hester, Lindel Eakman, Chris Moody, Brad Feld, Seth Levine, and Ryan McIntyre. This Brochure describes the business practices of Foundry Group as a single advisory business. Foundry Group provides discretionary investment management services to affiliated venture capital funds (each a “Fund” or “Funds” and collectively, the “Clients”)1. Foundry Group’s services to the Funds consist of (i) investigating, identifying, and evaluating investment opportunities; (ii) structuring, negotiating, and making investments on behalf of the Funds; (iii) managing and monitoring the performance of such investments; and (iv) exiting such investments on behalf of the Funds. Foundry Group’s services to each Fund are subject to the specific investment objectives and restrictions applicable to such Fund, as set forth in such Fund’s limited partnership agreement and other governing documents (collectively, the “Governing Documents”). The Funds are offered exclusively to individuals and other persons who qualify as “accredited investors” under Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and/or “qualified purchasers” as defined under Section 2(a)(51) of the Investment Company Act of 1940, as amended (the “Company Act”) and are therefore not required to register as investment companies with the SEC in accordance with the exemptions set forth in Sections 3(c)(1) or 3(c)(7) of the Company Act. Foundry Group primarily invests in private companies and venture capital funds in the information technology sector. Foundry Group’s universe of potential investments ranges across all stages of development, including but not limited to: (i) early or seed-stage companies, where Foundry Group is one of the initial institutional investors, (ii) mid-stage companies that need capital and expertise to continue growth, and (iii) mature companies that have a proven track record and further growth potential. Foundry Group’s investment approach combines the insight and access provided by Foundry’s extensive network in the venture capital community with a thematic approach to investing. Foundry Group’s network consists of the managers of other funds it has invested in, the CEO’s and executives of its portfolio companies, and many

alumni and former founders from companies that have left Foundry Group’s portfolio. This network generates numerous investment opportunities for Foundry Group. In evaluating these opportunities, Foundry Group uses themes—long-term trends in technology that Foundry Group believes will offer the potential for many investments over decades— as part of its analysis. As a result, Foundry Group has developed a clear philosophy and approach to investing: (i) identify and develop a set of investment themes; (ii) use the extensive ecosystem of 1 “Fund” or “Client” means a private investment fund to which Foundry Group provides investment advice and/or invests on a discretionary or nondiscretionary basis. The individuals and other persons that invest in the Foundry Group private investment funds are generally referred to herein as “investors.” Unless otherwise expressly stated herein, the terms “Fund” and “Client” do not include “investors.” which it is a part—consisting of entrepreneurs and venture capital funds in which Foundry Group has invested—to identify promising investment opportunities; (iii) actively participate in building and creating value, and ultimately exiting investments; (iv) take advantage, when possible, of Foundry Group’s significant geographic presence to seek out market leaders; (v) determine whether a syndicate partner is valuable; and (vi) invest with a long-term view. Generally, Foundry Group structures its investments in a form of direct equity ownership of portfolio companies, but may also invest indirectly through unaffiliated venture capital funds (also known as fund-of-funds investing, or “Other Investment Funds”). Foundry Group’s average direct investment ranges from $5 million to $20 million in size with an initial investment generally in the range of $500,000 to $20 million per company. For Other Investment Funds, Foundry Group’s average investment ranges from $2.5 million to $10 million in size. If portfolio companies achieve or exceed their objectives, or management identifies new opportunities for growth, Foundry Group may continue to fund them throughout their lifecycle, maintaining Foundry Group’s investment position in the company. In the context of direct investments, Foundry Group is often a member on the board of directors and takes an active role in the management of portfolio companies. Investors and prospective investors in each Fund should refer to the Governing Documents of that Fund for information on the investment objectives and investment restrictions with respect to that Fund. There can be no assurance that any of the Funds’ investment objectives will be achieved, and Foundry Group’s services are generally not tailored to the individualized needs of any particular investor of the Fund. Since Foundry Group does not provide individualized advice to investors (and an investment in the Fund does not, in and of itself, create an advisory relationship between the investor and the Adviser), investors must consider whether a particular Fund meets their investment objectives and risk tolerance prior to investing. As of December 31, 2023, Foundry Group has $3,411,323,300 discretionary assets under management.