July 17, 2021
Photo: Charlotte Coneybeer/Unsplash
Hello and welcome to Pipeline. This week: Price diligence is out the window, networking is back and inside the deal frenzy.
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There's a lot of out-of-control things about this funding market right now (see Rabois' tweet on price diligence above) but one thing that's nearly universal when I talk to entrepreneurs and venture capitalists is just how fast things are moving.
A lot of the finger-pointing is specifically in the direction of Tiger Global, the New York hedge fund that's rewritten the rules of the game much like SoftBank did a few years ago.
VCs are having some commitment issues as a result. They want to move fast, but they still want to make sure they're investing in the right entrepreneurs.
It's not just VCs who are struggling to keep up with the pace of deals: Tech journalists are too. One of the much-talked about things this week was what happened to classic funding news stories after a startup CEO pitched the idea for a publication that just focuses on funding news.
There's no sign that the madness will die down soon, as funds are arming themselves with more and more capital.
The real winners in this will be the founders, who value speed more than the VCs do. It'll be up to the venture industry (and the journalists who cover it) to keep up.
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