Today we pitched a senior partner from a tier 1 east coast VC. This gentleman does nothing other than look at deals in our space (broadly – mobile communications). It took us a while to get him and it was worth it. He instantly got our story and value and is moving to the next step.
It can be tempting for us startup folks to take meetings with any VC who could write a cheque. Often for an A round this is OK. You work with someone local who can get you started. After that however, finding the right VC, one that lives and breathes your space, can make a big difference.
This was only meeting 1 of many. There is a 1% chance in general of closing a deal with a specific fund. Especially, when that fund is tier 1 and can pick and choose its dealflow. Still, it was a nice victory moment for us and we are excited to continue our discussions.