Hype in the VC community. I’m not familiar how Fast actually did their fundraising but it’s not impossible to get pre-emptive terms sheets from VCs when you ha

Hype in the VC community. I’m not familiar how Fast actually did their fundraising but it’s not impossible to get pre-emptive terms sheets from VCs when you have barely met them or shared any data. Once you get a term sheet or close to one, this sometimes starts the hypetrain where VCs beg you to meet them and consider them for an investment. At that point it becomes a competition between the VCs who win the deal. The competition will often balloon the valuation since investors care more about ownership % than valuation. It sounds crazy to invest in a company with no real numbers or traction, but VCs have seen that it works sometimes when the company actually delivers on the story they told when fundraising. Also amount of ARR or other revenue matters less than the speed it is growing. $10M with stable growth over the years is worse than $5M growing 3-10x a year.