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Oct 2, 2025
What should startup founders look for in a VC partner? Learn how to judge thesis fit, value-add, terms, and alignment, with insights from Konvoy.
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This is what startup founders should look for in a VC partner.
Not only to assess the terms or support, but to evaluate fit prior to a term sheet locking in a relationship that could well last 10 years.
Five things: a thesis that works in their market, value that's demonstrable beyond just the capital, fair terms, shared exit expectations and solid references from the founders of other companies they've already invested in.
Generalist money is easy to come by, but conviction is not.
A thesis driven firm will have already done the work on your category and so will understand your risks and be able to defend your roadmap to the next round of investors.
Konvoy for instance invests through defined investment theses (gaming and consumer platforms, developer tools, critical industries etc).
Ask them how they can assist with the hiring process, with customer introductions and with the follow on rounds.
Get three actual introductions before you commit to anything.
Go through their portfolio to see if those companies in fact sell to your buyers.
The best deal isn't necessarily the one with the highest valuation.
You need to be on the lookout for broad veto rights, aggressive liquidation preferences and board seats which can shift control very early on.
A founder majority board is absolutely critical to your ability to run your business.
guide to getting VC funding goes through a process which is very founder-friendly.
Every fund has a lifecycle and a firm late in its fund will be looking for an early exit.
Ask where they are in the fund, how they're reserving for follow-ons and how they define success.
Understanding the lifecycle of a venture fund will help you assess whether their check is appropriate for your next set of milestones.
Before you sign, reach out to founders who have worked with the VC firm before.
Find out how the investors act when things don’t go as planned, if they keep their promises, and how they help companies during tough fundraising rounds.
Due diligence is a two way street.
Talk to the founders that the partner has backed (including those whose companies didn't pan out) and find out how the firm behaved in the event of a problem.
Find out what's in the investment memo and who actually signs off.
Konvoy invests as a team via an investment committee so the founder isn't reliant on one partner's conviction.
Knowing what a founder should be looking for in a VC partner comes down to fit, proof, and terms.
Konvoy is a thesis driven firm investing in founders across gaming, deep tech, developer tools and the critical infrastructure space.
Take a look at Konvoy's theses to see where your company fits.
Thesis and sector fit. A partner who really understands your market is going to be far more insightful and will give you far more robust support in the later rounds.
No. Restrictive terms or a misaligned partner can end up costing you more than a lower valuation.
Enough to create real options. Running conversations in parallel enables you to compare terms and pick the one that's right rather than just taking the first one offered.
Konvoy backs founders building companies in interactive entertainment, deep tech, developer tools and in a number of other key sectors. Rare Candy is a recent example of a company Konvoy has invested in
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