VC market has completely locked up. Growth stage bankers are reaching out to me (a very early-stage fund) to see if we want to join $10M rounds.
Any VC saying they are "open for business" or "business as usual" is lying or stupid. You probably don't want either on your cap table over the long run. Angular is still considering new investments, but our stratospherically high bar is astronomically high now.
We are also making a real effort to triage dealflow very early in the process to give founders definitive feedback (i.e. "no" in 99.9% of cases) within hours of getting their material so that they can focus on more promising leads and so that we can focus on other things as well.
BTW - if you think the 99.9% figure is hyperbole, it's not. We evaluate thousands of opportunities a year. Given the situation and the expected trajectory of this thing, I'd expect us to do 0-1 new investments between now and year end. 99.9% "no" rate is probably lowballing it.
The goal is to have dry power to deploy when visibility increases and to be 100% our portfolio has weathered the storm to the extent possible.
I fear I may be being too transparent on our thinking, but I think it's healthy for the eco-systems we operate in to be as transparent as possible, especially now. "Zero bullshit" is one of our core values @AngularVentures.
@AngularVentures Now a blog post: medium.com/angularventure…
