Thank you for the thorough answers to these questions. It's really helpful in working on an explainer video for funding a startup studio. The only thing I am still confused about is:

It sounds like VC's invest in the Studio and not the startup ventures created and they make their money back (+ profit) when the Studio makes money from revenue and/ or exits/ acquisitions. Is there any model in which the VC firm invests directly in the startup ventures created but not in the Studio itself?

And, if you can answe this one, a lot of my followers want to know how much is typically raised by a new Studio for their first round of funding. I think many of them are looking to launch Studios but don't know how much is reasonable to ask for.

Thanks again!