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I work with a ton of investors -- both angel + VC -- and this kind of opportunistic self-dealing is not condoned or tolerated by any of the professional / career investors I work with. It takes a long time -- and the help of many people -- to build a real business and folks who want to stay in the early-stage game don't pull shit like this because it undermines trust among both founders and fellow investors when you need it the most.

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I certainly agree that it undermines trust but don't VCs routinely change terms at the last minute in a series A or B?

Is that really uncommon when you get to the professionals? I've never had to deal with this myself but I am told that it happens all the time. You think you have a deal and then you get a last minute call that says we can't do that evaluation or we want some extra warrants. The rule I have always heard is "you don't have a deal until the check clears".

No, they don't. The fact that someone here got screwed once does not in fact suggest this practice is the modus operandi. VC's are not out to screw you, and if nothing else, the reputational harm of the actions you described would be immense. Respectively, this sounds like a naive, 2nd hand perspective.

Working with a ton of investors -- both angel and VC -- does not the private phone call make.

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