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Run for the Hills

Fund: Boston Millennia Partners

Posted by Anonymous on 2007-11-28

PUBLIC:

I have closedfice rounds of funding totalling more than $30 million for three companies I have started, and the only VC of the bunch I would not EVER do business with again is Boston Millenia. Their deal terms were not unreasonable, until the night before the closing when they contacted the management team close to midnight, informed us that "a few things needed to be changed" before we could close - and then proceeded to alter every deal term we had negotiated over an extended period of months. They did this knowing that we were out of funds and would miss payroll if we did not close on the new deal terms. Since the term sheet was non-binding legally, our lawyers felt we could not sue and, since we would have been out of funds and shut down, there would have been no funds to support a lawsuit. I have dealt with many VCs over the past nine years and while I find many of them arrogant and rude, Boston Millenia is in a class of its own in these categories.

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