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Inexlicably Turned Down

Fund: Pangaea Ventures

Posted by chaver4u on 2012-08-24

PUBLIC:

This is one of those VCs that hype themselves with great capability and strategy statements on their website. I was referred by a Dutch VC that Pangaea was the right fit for us. Comparing their terms, goals and expectations with ours, this was correct.

After an initial contact, I received a very positive message, and a pitch via Skype was arranged. I was given 15 minutes.

Pitched to Keith Gillard (general partner) via Skype for 66 (!) minutes. Great interest, many questions, which I could all answer. My pitch was listened to AND well received, lauding our product, technology, expertise, market potentials, business model, you name it. Asked for follow-up material and details, which I sent.

So you think you are on the right track. Wrong!
.......total silence.

After several kind emails asking for the status, and if more info was needed, finally 2 months later I received a curt email that we were not a "hot deal". Whatever that means. By the way, our product is produced at 1500° C....pretty hot ;-)

I kindly asked to explain why the sudden change of mind, and what this "not a hot deal" means, but got no answer.

I am a big boy and can stomach rejection quite well, but if if this comes with a paucity of communications, then one should wonder the level of the person's professionalism you openly negotiate with. Being civil never killed anybody.

PRIVATE: Members Only (58 Characters)