If you hear this from an investor as the very first sentence she says, this could either be:

1. A gutsy negotiation tactic to get the valuation of the shares in the B-round preferred equity shares down

2. She will not invest in you but wants to be helpful anyway

In 99% of the cases it is scenario number 2, so launching with full energy with your pitch (page 1/50, “market developments”) might get you cut off.

In these cases, I would still clarify, ‘OK, but why?’. The answer is probably: “You are in stage x in market y, we invest only in stage w and market v, but we have a friend in common so I agreed to take the call”. No chance of scenario 1…

All is not lost though. Switch tactic immediately and find out what this investor can do for you. Useful contacts. Ideas for investors who would fit the bill. Time is probably limited (she is doing you a favour, so hold back with arguing or discussion, take notes and put all the feedback in the perspective of the person it is coming from.

The notes might actually contain something that is new to you, and you will have left a very good impression for when you guys meet again in a situation where there is a better match.

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