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, wasn’t briefed, hasn’t 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 doesn’t 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 you’ve got yourself a ghosting.
Suddenly you get a “how’s the round coming along? Let’s jump on another call.” 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.
You’ve been farmed!
7. The derangement
Thirty seconds into the meeting you’re pretty sure the VC is on stimulants. Things go downhill as they get increasingly belligerent and argue with everything you say.
Wraps up with “let me know how I can be helpful”
8. The side quest
The partner doesn’t understand anything about what you’re building. Spends the entire meeting convincing you to build a completely different business.
Bonus points if they actually convince you.