Tech founders are sharing their worst experiences with venture capitalists on social media. One common complaint is VCs falling asleep during pitch meetings. Greg Isenberg, a startup podcaster, started the conversation with a story about a VC who fell asleep during a $15M Series A pitch meeting. Other founders, including Zynga founder Mark Pincus and Cloudflare founder Matthew Prince, shared similar stories.
Some VCs were even named, with Prince recounting a story about a Sequoia partner who passed on Cloudflare because he didn't think a woman could lead a security infrastructure company. Prince also shared a story about prominent investor Vinod Khosla, who suggested that Prince fire his co-founders and take their stock.
The stories highlight the power dynamic between founders and VCs, and the often opaque fundraising process. Many founders reported receiving term sheets from VCs who had fallen asleep during the pitch, or being ghosted after a deal was agreed upon.
