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Whoah, SoftBank is breaking termsheets. Watch out, founders. This is one of the most damaging things that can happen to a startup.https://www.axios.com/softbank-walk-away-startups-honor-creator-seismic-8d4adc0c-dcfb-42d3-982e-f422a9963be8.html …
SoftBank's weaselly explanation ("our investment process is more rigorous than unregulated investors and typical VCs"), if it were true, would imply that they'll continue to break termsheets. So if you take them at their word (I don't), you should avoid them forever.
This is tough for those founders. Who is to blame? Founders for potentially saying yes to "big" money or SoftBank for not evaluating appropriately?
Nobody in particular. ie ... everybody.
"Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment." - Richest Man in Babylon
In the past no credible VC firm wanted that reputation
rapid change in strategy after #WeMess?
late stage bubbly unicorn liquidity crunch incoming?
sky high valuations crashing? like dot com bubble back in March 2000?
Seems like there was only one instance of the examples listed in which they broke a term sheet? Or were there others>?
Lots of vc in China have trouble to raise money since 2019. The darkest hours may come when their fund run out of money, in a year or two.
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