A recently developed site called TheFunded has created quite a stir in the VC community. The site is for entrepreneurs — and only entrepreneurs — seeking information on possible VC investors. Entrepreneurs share their experiences with various VC firms they encounter on their journey for funding. From the web site:
The Founding Member experienced a bad funding situation and wanted to help others avoid a similar fate. As the idea grew, the Original Members saw real potential for TheFunded to bring some transparency to the venture funding world, which is largely governed by secrecy.
In a post on TheFunded, TechCrunch reports that the site now lets VCs “set the record straight” by posting their profile. But, this is a separate part of the site and does not allow VCs to directly respond.
This type of site gives me some concern. While I am not always a fan of how VCs do their business, this type of forum may easily stray from its objective of providing information about VCs, and instead, also spread misinformation with no chance for direct rebuttal.