Maybe they are worse at assessing value. If a VC has no real idea what the value of a company is, they have to make a conservative valuation, to avoid being con

Maybe they are worse at assessing value. If a VC has no real idea what the value of a company is, they have to make a conservative valuation, to avoid being conned. They will also take longer to do the due diligence. A good VC may be able to make a good guess whether a company is worth investing in just by speaking to the founders for a few hours. A less skilled VC might take weeks, and still have no idea, so they can only offer a lowball bid.