Posted by vc_bucks_suck on 2007-08-09
These guys are smart - but dangerous.
Suggest you don't get sideways with these guys or the tires on the bus they throw you under will hurt.PRIVATE: Members Only (213 Characters)
Posted by Anonymous on 2010-01-29
We’re a well known start-up, well into double-digit million revenues, with operating profitability. After speaking with a lot of folks, we got attractive term sheets from several and wanted to proceed with IVP. Dealing with Dennis Phelps, we were persuaded that this was a guy we could work with productively, even if we didn’t think the candlepower was there to add a lot of value.
We should’ve got the creepy tingle that you get in horror films when they insisted on an exclusivity provision. Seemed rather odd, but under heavy pressure, we figured it wasn’t really going to hurt. That’s when Steve Harrick joined in the conversations and due diligence.
Unbelievable to us, our existing VC, and our banker and attorneys, they came back three days later with a term sheet at 2/3 the price and lots of the extra bells and whistles on it. What’s more, they didn’t even have the decency to call me up, or better yet, meet me face-to-face to explain themselves (can’t believe Dennis still doesn’t have the courage to call and apologize). We had our attorney pass and waited out the exclusivity period. We eventually got our cash from another source, hit our numbers, and will be out in the public markets in two years or so.
In the meantime, my strong advice to any entrepreneur is to avoid IVP. Bad faith, bad instincts, and bad manners.PRIVATE: Members Only (466 Characters)
Posted by HBRuby on 2007-08-10
Smart, professional, play things close to the chess, and try to leave you with a favorable impression. A level of style discipline here that only the writer of "The Prince" could grow to love.PRIVATE: Members Only (245 Characters)
Posted by Anonymous on 2010-04-22
We recently concluded a very competitive growth capital round of financing and selected IVP because we found them to be very straightforward in our interactions and incredibly knowledgable about our market and our competitors. In addition, our reference checks confirmed their reputation as roll-up-the-sleeves helpful late-stage partners. They told us they wanted to do a deal, and 8 days after we signed the term sheet, we had $25 million in our account. Yes, 8 days. No politics, no series of endless meetings with uninformed partners to convince – just warp speed on the financing so that we could continue on our most important priority: building our company. IVP was incredibly fast and hassle free, just as promised.
The other key reason we selected Dennis and IVP is because they are known for being supportive of their management teams, rather than heavy-handed or high maintenace. This was important to us and is not the reputation of some of other firms we met with, in particular at some of the most famous ones. IVP is known for backing management – for better, or for worse. They offer smart advice and quality introductions, but they also realize that it’s the entrepreneur who needs to build the company. Other firms we met with seemed more interested in telling us what they thought we should do, rather than how they could help us. Choosing IVP over others firms has proven to be a huge accelerant for us.PRIVATE: Members Only
Posted by objex on 2007-04-03
Straight-shooting firm. Very into fundamentals, but willing to take occasional risks.PRIVATE: Members Only (296 Characters)
Posted by coolncollected on 2014-09-04
Pitched a series D to Harrick. Very impatient and arrogant in the meeting. He dug in to diligence, and sent a "decline to invest" note. When i thanked him for the follow up and asked to understand the reasons (my standard MO) he answered "I'm too busy."
Really, i just spent hours to come to your office, explain my business, provide you with due diligence, and you won't take 5 minutes to tell me why you won't invest so i can learn from it?
Posted by Anonymous on 2014-01-19
Worked with Jules Maltz. He's amazingly good. Smart, funny, engaging. Cares about the company. Cant say enough good things.
Fast turnaround, had a decision quickly. Closed as they stated - no changes. Been a GREAT investor.PRIVATE: Members Only