I got an email from a well known journalist who covers the VC sector today. He was asking a bunch of VCs a few questions that basically can be summed up “are you open for business?”
I answered him with these facts:
1/ We are working on two term sheets for new investments by USV this week and hope to sign them by end of this week
2/ We are closing on several existing term sheets as well
3/ At least one of our portfolio companies received a term sheet this week and hopes to sign it shortly
4/ We have seen a few deals that were in negotiations get put on hold in our portfolio.
It will be interesting to see where his informal survey of the VC business shakes out.
But from where I’m sitting it seems that much of the VC industry is still open for business and USV certainly is.
