Seed stage VCs come in all shapes and sizes. Some, like 500 Startups, write small cheques into a large number of companies. Others, like Mantella Venture Partners make a small number of investments but get heavily involved in each of them (not sure if this is still true, but Mantella used to have all its portfolio companies in its office. That’s hands on involvement…).
Now, the best entrepreneurs can choose who to raise money from. As a result, they look for things beyond money in choosing who to partner with. Usually they’re looking for some differentiated access (network), differentiated expertise, or both. Knowing this, the best seed VCs will specialize in a few areas in order to stand out.
When I was a VC I only did SaaS and e-commerce. Both of those businesses are heavily data and metrics-driven, and hence lend themselves well to what I know how to do (I did have one location-based zombie game sneak into my portfolio. But again, that’s heavily data-driven). Matt Golden of Golden Venture Partners is 100% mobile-focused. That gives him an edge over more generalized investors.