Posted by Anonymous on 2012-07-18
We pitched them on a consumer Internet business that was liked by both committees, the technology and investment committees, and that was recommended by their own consultant that performed due diligence on the company. Since the fund uses public funds from the State, they have a process that is rather strict and onerous, but you would hope more transparent than other funds----it's not.
In reality, the unimpressive guy that runs the tech side, Alan Kraus, either likes the deal of doesn't. All the time spent presenting to committees, meeting with their consultants, etc. was a complete waste of time, our money, and tax-payers money. I was told by somebody in the one of the committees that he, Alan, didn't like us and ultimately when the time came to discuss terms, he changed the deal terms once agreed to on more than one occasion.
If you need $50k and can't get it from any other Angel or Seed investor, then I might consider talking to them, but otherwise don't waste your time. They won't even give you decent feedback as a consolation prize.PRIVATE: Members Only