I don't think OP's points would - VC really is about getting into 100x deals, and the "cost" multistage funds would take on to do that is quite high. See Sequo

I don't think OP's points would - VC really is about getting into 100x deals, and the "cost" multistage funds would take on to do that is quite high. See Sequoia walking away AFTER giving $21M funding b/c of a conflict of interest with Stripe - https://techcrunch.com/2020/03/09/sequoia-is-giving-away-21-million-to-a-payments-startup-it-funded-as-it-walks-away-from-deal/ https://techcrunch.com/2020/03/09/sequoia-is-giving-away-21-...