Comments on: Velocity’s saga reveals the art of ripping up a VC partnership

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By: Private Equity HUB - Radar Locates $13 Million

Private Equity HUB - Radar Locates $13 Million — Mon, 25 Feb 2008 04:28:25 +0000

[...] It’s also worth noting that Spivak and I spent some time discussing my story on Velocity, and also some disparaging comments he had made about it over at VentureBeat. [...]

By: Private Equity HUB - Velocity Sews Up Twine

Private Equity HUB - Velocity Sews Up Twine — Thu, 21 Feb 2008 21:03:10 +0000

[...] It’s also worth noting that Spivak and I spent some time discussing my story on Velocity, and also some disparaging comments he had made about it over at VentureBeat. [...]

By: Nova Spivack

Nova Spivack — Thu, 21 Feb 2008 00:06:49 +0000

I have the highest respect for Matt and for this site, which is my main source of news about the VC biz. I read this site every day and the reporting is consistently great.

I also have met both Ross and Roland and both of them have impressed me personally. I think the new combined entity (Velocity + ComVentures) deserves a fair chance to prove itself.

By: Not Jack

Not Jack — Wed, 20 Feb 2008 21:59:47 +0000

Nova,
Gossip is something unsubstantiated. Where are Dan or Matt’s stories not factually accurate? If they were, I’d think Velocity would have complained by now, and both writers have a history of admitting mistakes when they occur.

By: A Voice

A Voice — Wed, 20 Feb 2008 18:07:01 +0000

Nova Spivack’s comment makes no sense at all. If his concerns are that the recent coverage on Velocity is negative on both Ross and Jonathan he needs to read the articles again–those two individuals come across as competent, well-meaning, and if anything naive about who they are associating with in their latest gig (and there is nothing wrong that that.)

Nova’s other points about ComVentures are ridiculous. To say they are as bad (or good) as other VCs doesn’t mean we excuse their abuse. To demand we write about others as well is supportive of what Matt Marshall and Dan Primack are doing–writing about egregious behavior of VCs instead of just relaying their press releases. It has to start somewhere and early in the process, ComVentures and Worldview and Crescendo have figured prominently. What’s wrong with that?

That old argument that other VCs and VC firms–e.g., Sequoia, KP, Accel–engage in bad behavior too doesn’t excuse the Worldviews, ComVentures, Mike Orsaks and James Weis and Va Der Meers. Worse, the others have at least a (relative) track record of success that brings success to their LPs and entrepreneurs. What do the latter offer to balance their arrogance? No success, plenty hubris and arrogance, ….

By: Nova Spivack

Nova Spivack — Wed, 20 Feb 2008 17:28:48 +0000

This story seems uncharacteristically gossipy for a respectable publication like Venturebeat. I know the team at Velocity and I think they are quite good. Ross Levinsohn has an A-list track record, Miller has terrific operational experience. As for ComVentures, there are a number of very solid people there who seem as qualified as, and no different than, any other VC I know. All VC’s and all ventures go through ups and downs and sometimes have to make changes. I don’t see why Velocity / ComVentures is any different or worth singling out on this. To be fair, why not write similar articles about the backroom issues at other venture firms as well. But before doing that, I would first ask, who really cares about this kind of material anyway, other than the particular people who were involved in these issues? Is it really worth reporting this? Personally I can find all the VC mudslinging and gossip I need in TheFunded. I look to Venturebeat to give me substantial news and analysis of the VC industry.

By: Steven

Steven — Wed, 20 Feb 2008 00:34:10 +0000

Kosher,

Your point on whether or not it’s Jack is true however “Jack” wasnt stating any facts just merely his opinion.

I recognize this is a pretty sensitive subject given what has gone on throughout the years with Firm and dont be too surpised if the tables end up getting turned on Van der Meer now that Levinsohn and Miller are engaged.

By: kosher

kosher — Tue, 19 Feb 2008 22:52:10 +0000

Steven, it’s nice to see you “don’t disagree” with my summation of Van Der Meer (and for that matter, Orsak or Jeb Miller or Spreng or Wei at Worldview and Crescendo). Now, on a second point, just because Jack Largent (or someone pretending to be him) used his name doesn’t make his comment any more credible or acceptable. In the ruthless dog-eat-dog world involving venture investors it won’t take much to see why some may choose to not reveal their names. What matters is what should matter: are they being factual? is there evidence to back their comments? etc.

There is enough covered at VentureBeat and PE Hub to reveal how Worldview, Crescendo, and comVentures went about their businesses. And how many entrepreneurs, LPs, and GPs got screwed over by Mike Orsak, Doug Spreng, Van Der Meer, James Wei, and…Jeb Miller (who in Dec 2007 got what he richly deserved for long.) Kudos, Matt Marshall and Dan Primack! Keep up the good job you are doing!

By: Steven

Steven — Tue, 19 Feb 2008 22:22:17 +0000

Jack, your point is well taken and the fact of the matter is that there are many “stories” surrounding many firms – some are more public than others. I think it is a story because for many years, the inside world of VC’s has been very tight with few breaking ranks to describe internal strife/decision making etc.

While may companies who pitch these firms create their own versions of what goes on, sites like TheFunded.com look to exploit others experiences from a different perspective. We all know the internal process can wear a group down in the decision making process – part of which has affected the likes of Velocity. A MP and LP’s inability to work together affects not just the investors and the firm but also those pitching or who have received money from the firm too.

Kosher…while you may want to disagree with Jack, at least he did leave his real name and didn’t make one up….and I dont disagree with your summation of Van Der Meer.

By: as

as — Tue, 19 Feb 2008 21:06:51 +0000

I don’t see any “vast right wing conspiracy” against comVentures or Worldview. Every time something falls out of their closets and we are talking not just skeletons but recent mutilated bodies of entrepreneurs and their companies, we have cronies like Jack Largent (for comVentures) tout their horns and dismiss anything not consistent with their view. Some time earlier a discussion on Crescendo and Worldview brought a paid hack, Barry Arriko, to speak in support of Worldview and it turned out he was in the payroll of Worldview and a well compensated shill and nothing more. Instead of managing a Worldview company he was busy as a shill and eventually ran the company and himself out, wiping out all investors and shareholders value.

God indeed save us from their likes and those like Jack Largent.

By: kosher

kosher — Tue, 19 Feb 2008 20:58:37 +0000

Is it any surprise the little coverage of venture investor shenanigans that we see today thanks to PE Hub and VentureBeat prompts some like Jack Largent to speak out against that trend?

Mr Largent says Sequoia and Accel are not perfect. That’s immaterial as the issue on hand is consistent with previous coverage and it has to do with comVentures, Van Der Meer, Worldview, Jeb Miller, Mike Orsak, Crescendo, Spreng, and their shenanigans. Answer the issue on hand, Mr Largent.

Second, it’s irrelevant whether comVentures was straight with your companies. What’s being discussed is how Van Der Meer screwed his partners, entrepreneurs (see Nishan Systems and call Aamer Latif to get more color to contrast with your’s), and LPs. Ditto for the Worldview crew. And Crescendo.

And if you can’t still understand why this is a story and deserves coverage and the attention of the tech crowd in the Valley, sure, god save you.

Keep up the good work, Matt and Dan!

By: Jack Largent

Jack Largent — Tue, 19 Feb 2008 20:22:46 +0000

Feels like PE Hub and now Venture Beat is turning into Valleywag or worse, the National Enquirer. I’ve been doing business with venture capital firms for two decades and can tell you they are all full of skeletons. Doesn’t matter if its Sequoia or Accel. No one is perfect. I know the comventures team and they were always pretty straight with my companies. Don’t know Levinsohn and Miller except by reputation and that’s pretty good. The real story is why is this a story. If we are all turning into Valleywag, god save us.

By: Benoit

Benoit — Tue, 19 Feb 2008 18:55:43 +0000

Velocity may be an exception, but it also shows how ruthless people can be, particularly in this industry. It’s a good reminder and a good warning to always be careful when dealing with VCs. As one of my friends who’s been installing keyloggers on her partner’s computer says: never trust anyone in business.