Was the deployed capital still concentrated in major startup areas like SF, or more globalized given that video calls significantly reduce the friction of international communication.
> I am a 2x entrepreneur
Smh, not even 10x.
Where does one find 20-30 prospective investors of quality?
To elaborate a little further, investors of quality tend to network and pass deals around to each other. Getting enough money round the table in early stages requires these kinds of relationships and so if you meet a few VCs who like you it will turn into dozens of meetings in short order.
Of course, getting to the first stage/level is also rather challenging, somewhat less meritocratic.
In my experience, investors (especially at the seed stage) don't just pass deals around because they're "good". Most of the deals investors pass around haven't been through enough diligence yet to determine whether or not they're good.
Investors like to get second opinions from other investors, however, and they'll especially value your perspective if you've invested in a similar deal in the past, or founded a company in a related space. I've seen this from both sides of the table, and I would observe that the "filter" early stage VCs employ is more about whether the founders are engaging, and less about the fitness of a deal.
Disclaimer / shameless self-promotion: I'm an investment banker and happy to talk to see if I can help.
Edit: Not that early stage companies don't hire bankers. Checking my email, I have received 43 "investment opportunity" emails from bankers in the past week. Due to the sheer volume I never take cold intros, ever. Nearly 100% of the intros I take come from other VCs, angel investors, board members, and founders I have relationships with. The ONE exception is when a founder who has done their research contacts me with a concise, relevant message.
I interpreted GP's case to mean he is a founder looking to find 20-30 investors, which would require a banker that probably already has at least half of those contacts.
I'm not suggesting that as a banker I'd be making cold calls into investors – although we might, depending on the opportunity. The more likely approach is to call those funds that I or my colleagues have relationships with from previous transactions.
In my experience the reality is you need probably 4-5 solid intros to get to 20-30 meetings, because investors love to pass deals around to other investors.
Out of curiosity: how much would an investment banker charge to a company to get 20-30 intros to quality investors, assuming it's bankers who have relationships with investors established through M&A or as LPs? I've never seen it, but I also realize that doesn't mean it doesn't happen :).
Bankers aren't usually involved at the very early / seed rounds.
I have traditionally worked on M&A transactions rather than capital raises, but to answer your question fees are usually determined as a % of the amount raised, subject to a minimum—which again is why it only makes it economical to hire a banker at later stages. Generally we look to precedent fees as a general guideline and then negotiate from there with the client depending on specifics.
Sorry, I'm probably coming across as attacking, but really am not. I just have never heard of this role before, and am asking out of genuine curiosity.
(Also as a sidetone, is there a specific name for this type of deal facilitator besides the generically overloaded "banker"?)
As for your side comment, I don't think there's a more specific name rather than "banker", but in my experience the big banks on Wall Street are not traditionally structured in a way that incentivizes relationships with earlier stage / smaller companies.
Since you're asking for differentiators, I don't meant to sound like an ad, but I work at Evercore, which is "the premier global independent investment banking advisory firm", as our website would put it. We're "independent" because we don't lend any money despite being a "bank". Admittedly, M&A advisory is the lion's share of what we do, but we're also hired by clients to help them secure financing or go public. We just don't have any skin in the game. The value we bring is the quality of our advice. We're more nimble and flexible, but we have the same depth of relationships as a big bank, which is what differentiates us.