I would vote for it, if you are more transparent on how exactly the money is spent, with monthly reports at least and also forecasts. I know that level of transparancy is not usual, but I guess before a VC gives you a million he also wants to see some solid data first.
Without, the 500K could fizzle out like a drop in the ocean and in half a year you are nowhere and will ask for more.
By the way profits. Why not use some of your significant profits first, before asking from the community?