I've experienced this in my current fund-raising endeavors. A reductive narrative: a lot of investors like to pattern-match, and SV is full of many more succes

I've experienced this in my current fund-raising endeavors. A reductive narrative: a lot of investors like to pattern-match, and SV is full of many more success stories of a small tight-knit team collaborating well in a tiny shared garage office than it is of teams who managed to create a functioning collaborative distributed workflow. (In our case, we've managed to sidestep this so far by working with smart angels who get it, and by working in a space — indie games — where distributed teams are comparatively common. Also helps that my cofounder is in SF and can take in-person meetings. I do worry we'll feel pressure at the A round to consolidate, but I'll be pushing hard against it.)