KNOW YOUR VC

Summary from the TLDR Founders newsletter

There are two main paths in venture capital: the selective Home Run Hitters hunting for future $10B+ companies with smaller funds, and the Volume Players raising massive funds to deploy capital widely while living on management fees. Problems arise when VCs get caught in the "messy middle"—not elite enough for top deals but trying to act like they are. Tiger openly moves fast without much involvement, while firms like Benchmark take concentrated positions with hands-on support. Neither approach is wrong—the danger comes when funds aren't honest about their strategy, pushing founders to raise too much or setting unrealistic expectations.