Fund: IDG Ventures SF
Posted by VCfounder16 on 2013-05-28
IDG was one of the first firms we met in the process of raising our A, which was our first outside capital. While I thought IDG might not be a fit, I still wanted to speak to them, mostly because of all the positive things I heard about Alex Rosen from other CEOs I know. We met with Alex first at our office, he came to us. He had lots of useful feedback and was engaged and very polite, basically smiled the whole time. I didn't think it would go anywhere, but then Alex came back with a lot of insightful questions, showing that he actually did listen (unusual for a VC) and actually did care about what we were building (unusual - same point as previous). I was impressed and Alex and I went back and forth over email for some time.
He invited us to come back to their office and pitch the partnership. You never know what's going to happen in these situations, but we were pleasantly surprised. The meeting lasted a full 1.5hrs, longer than expected, mostly due to the questioning of one of Alex's partners, Pat Kennedy. While Pat had VERY insightful questions, he asked them in a pretty brutal way, almost like we were being cross-examined in court, something my cofounder and I didn't appreciate. I'm not sure Pat has an appreciation for what founders are going through while pitching, but regardless, we all smiled and walked out.
IDG wanted to invest and although we had a pretty competitive round, we definitely wanted them in, mostly due to Alex and the firms deep connections in Asia (an area we'll need help in down the road). Post close, a few mos later, we're super pleased - Alex and IDG have been one of the most helpful funds in our round. While other big name funds have a huge portfolio, the attention you'll get (if you ask) is much greater at IDG, as their stated goal is to spend more time with each company. They're smart guys and you'll want to use that to your advantage... Would recommend them to any entrepreneur.PRIVATE: Members Only