Yes, in principal. But that's not pragmatic - this sounds way too small to interest VCs these days. Speaking from experience, they aren't going to give you the time of day unless you're asking for at least $3M, and ideally more like $5-10M.
Good luck to you, but I wouldn't count on VCs. There are lots of them and they all have different investment strategies, but the ones that I know are not looking to just have a percentage gain on their investment or even to double it for that matter. Most want 10 to 100 times their investment. It just takes the one to blow up to make up for all of the other failures.
"Bond reflected that good Americans were fine people and that most of them seemed to come from Texas." - Ian Fleming, "Casino Royale"