Things we've learned about Series As
The analysis about execution quality of VCs gives me validation for being frustrated a huge swathe of the VC industry. The bar is shockingly low. I'm surprised the long tail gets in any deals at all given how lazy most of their execution is. So many of them are just farming out associates to send spammy drip emails from Salesforce.This is such a niche market (how many investable companies are there?), I don't see how it works for most of them at all. Every deal we did at Ionic involved a very attentive and responsive partner on the other end, and our first conversation with that firm was always through a partner rather than an associate/analyst.I suppose we're in a capital bubble and when this long tail comes back with awful returns for their LPs this issue might sort itself out.