The Market is at an all-time high and the only bears to be found are in Provincetown. Private capital players are fighting for their stake in pre-revenue status ventures with no plans to get in the green. Industry badasses like Andreesen say that it’s not a tech bubble and I get it. The logic makes sense, I guess. Apps that can be built in a few hours are seeing valuations in the millions… that doesn’t even scare me. But, today I got an email that freaks me out a little:
I’m with XXXXXX [redacted] which is a VC in Dallas investing ~$500k per deal. My apologies for the cold email, but I wanted to introduce myself in case you’re looking to raise capital.
Although we’re based in Dallas, we’ll invest anywhere in the US. We’re best suited for rounds that are Series A and up or bridges. We are almost always minority investors helping to fill out or oversubscribe a round.
We’re looking for mid-stage venture opportunities which we define as companies with at least 12 months of revenue and attractive month over month growth. We’re currently invested in XXXXXX (Dallas), XXXXXX (Chicago), and XXXXX (Detroit) [redacted]. Our process takes no more than 4 weeks. If you haven’t outgrown the need for our check size and are doing a round now or in the near future, I’d love to chat.
This guy has no idea what my company does. If he did, he’d know that we were acquired a year ago. He probably scraped AngelList and sent hundreds, maybe thousands of these.
The reason it freaks me out – it reminds me of 2006 when I was doing something similar in the real estate world. I scraped the Florida Taxpayers web site and sent hundreds of intros, asking if owners would sell me their land. I knew nothing about their property. I was greedy and just wanted to be in the game. I ended up buying property shortly before it was game over. I still own it and am reminded of my greed every year when I pay taxes on it. I would probably trade it for a breakfast burrito right now if someone offered.
On second thought, maybe I’ll reply to this guy and ask him if he wants to buy it.