Cardinal sins of crypto VCs:
1. The multiple first-meetings:
You meet with a partner or associate. The meeting goes well. They book another call with one of the other partners. The next call the partner has no idea who you are, wasnât briefed, hasnât read the notes, so you have another first meeting.
Bonus points if this happens three or more times.
2. The rug pull
A partner reaches out, heard you were raising, asks for a meeting. At the meeting the partner doesnât show, sends associate instead.
Bonus if this happens across multiple raises.
3. The anon
You get an intro to a VC, they seem excited. Book a meeting. On the video call the VC is anon, with a Wassie pfp.
Love having anon money on the cap table, I hear those investors are least crazy and most helpful.
4. The ghosting
You meet with the VC multiple times, they ask a bunch of follow up questions. Ask for more data, financials, roadmap. Then suddenly nothing. Spoooooky.
4. The option
You spend two weeks on meetings with a fund, answering questions and diligencing. Then you hear nothing for a while and you think youâve got yourself a ghosting.
Suddenly you get a âhowâs the round coming along? Letâs jump on another call.â After the call, nothing again.
Repeat a few more times.
Ghosting? Nope, just farming a free option.
5. The bragging
Thirty minute call with a partner. Spends 25 minutes talking about himself.
6. The farming
Fund takes a meeting. Digs deep into the strategy, tech stack, analytics. Ghosts.
A week later announces a round into a competitor.
Youâve been farmed!
7. The derangement
Thirty seconds into the meeting youâre pretty sure the VC is on stimulants. Things go downhill as they get increasingly belligerent and argue with everything you say.
Wraps up with âlet me know how I can be helpfulâ
8. The side quest
The partner doesnât understand anything about what youâre building. Spends the entire meeting convincing you to build a completely different business.
Bonus points if they actually convince you.