By Mike Silagadze

Compiled by: TechFlow

Crypto VCs’ fatal mistakes:

1. Repeated initial meetings

You meet with a partner or associate, the meeting goes well. They schedule a conference call with another partner. Then on the next call, the partner has no memory of you, is not informed, has not seen the notes, and has another initial meeting. If this happens three or more times, that's even worse.

2. VC version Rug Pull

A partner contacts you, hears you are raising money, and asks for a meeting. However, when the meeting comes, the partner does not show up and sends his assistant instead. If this happens during multiple fundraisings, it is even worse.

3. Anonymous Investors

You are introduced to a VC and they seem excited. A meeting is arranged. On the video call, the VC is anonymous, with a funny Wassie avatar. I hear these anonymous investors are the least crazy and most helpful on the shareholder list.

4. Mysterious disappearance

You meet with the VC multiple times, and they ask a ton of follow-up questions. They ask for more data, financials, and roadmaps. And then suddenly you don’t hear back, which is really creepy.

5. Feint

You spend two weeks meeting with a fund, answering questions and doing due diligence. Then there’s no news for a while, and you think you’ve been stood up. Suddenly you get a message: “How’s the round going? Let’s have another call.” After the call, no news again. And so on. It’s not disappearing, it’s just testing the waters for free.

6. Self-Boasting

He spent 25 minutes of a 30-minute call with a partner bragging about himself.

7. Learn from others

The fund does one meeting, digs deep into your strategy, tech stack, and analytics, then disappears. A week later, they announce an investment in your competitor. You were taken advantage of!

8. Insanity

Thirty seconds into the meeting, you can almost be sure the VC is high. As the meeting progresses, they become increasingly aggressive, contradicting everything you say, with a final “let me know how I can help you”.

9. Side Quests

The partners know nothing about the project you are building. The entire meeting is spent trying to convince you to do a completely different business. It would be more interesting if they actually convinced you.

10. Self-proclaimed wise man

You are on the phone with a 22 year old assistant. His experience is limited to a 3 month internship at Goldman Sachs and losing his winnings gambling on Meme Coins. He talks a lot in the meeting and gives you all kinds of advice.

Okay, that’s all for now.

We’ve seen these and more during our Seed and Series A rounds!