DISQUS

Brian · 1 year ago

Great article, Matt. What a bunch of sleezebags.

LP · 1 year ago

Matt, here's some juicy stuff that relates to the above and correlates with prior news on the individuals and firms mentioned.

A) Jeb Miller, now fired from ComVentures, was previously at Worldview where he assisted Mike Orsak in firing two other GPs: John Boyle and Ajit Shah. Isn't it divine justice that he got the same treatment at Comventures that he assisted someone else in at Worldview?
Entrepreneurs, check out Jeb Miller's background and see whether it'd provide you comfort if he was an investor and on the board of your company. Talk to entrepreneurs of companies on whose board he served as board member or observer and get their opinion before doing business with him.

B) What's the parallel between Worldview and ComVentures other than that they used to be in the same block in downtown Palo Alto, started around the same time, and focused on a similar investment strategy (telecom infra...)? Lots of GPs leaving, very unhappy entrepreneurs and LPs, stories spun until they blend with fantasy, inability to raise new funds, identity changes (address, websites, etc.--a telltale sign of crooks who keep changing their place of business...)...
C) Reading up on Worldview you'd find a past report you filed that Mike Orsak wasn't going to help raise a new fund for them or assist in bringing new deals to the table. So why has he not been let go yet inspite of debacles in the companies he involved himself (Cemaphore, Postpath, Mirapoint, ...)? Because firing him will trigger the keyman provision of Worldview's last fund (raised around 2000/2001) and that's the only fund out of which Worldview can dip into and they don't want to risk it.

Jeb Miller, Mike Orsak, Van Der Meer, James Wei, Worldview, ComVentures, ...Velocity...what a tangled web they weave!

Benoit · 1 year ago

Velocity may be an exception, but it also shows how ruthless people can be, particularly in this industry. It's a good reminder and a good warning to always be careful when dealing with VCs. As one of my friends who's been installing keyloggers on her partner's computer says: never trust anyone in business.

Jack Largent · 1 year ago

Feels like PE Hub and now Venture Beat is turning into Valleywag or worse, the National Enquirer. I've been doing business with venture capital firms for two decades and can tell you they are all full of skeletons. Doesn't matter if its Sequoia or Accel. No one is perfect. I know the comventures team and they were always pretty straight with my companies. Don't know Levinsohn and Miller except by reputation and that's pretty good. The real story is why is this a story. If we are all turning into Valleywag, god save us.

kosher · 1 year ago

Is it any surprise the little coverage of venture investor shenanigans that we see today thanks to PE Hub and VentureBeat prompts some like Jack Largent to speak out against that trend?

Mr Largent says Sequoia and Accel are not perfect. That's immaterial as the issue on hand is consistent with previous coverage and it has to do with comVentures, Van Der Meer, Worldview, Jeb Miller, Mike Orsak, Crescendo, Spreng, and their shenanigans. Answer the issue on hand, Mr Largent.

Second, it's irrelevant whether comVentures was straight with your companies. What's being discussed is how Van Der Meer screwed his partners, entrepreneurs (see Nishan Systems and call Aamer Latif to get more color to contrast with your's), and LPs. Ditto for the Worldview crew. And Crescendo.

And if you can't still understand why this is a story and deserves coverage and the attention of the tech crowd in the Valley, sure, god save you.

Keep up the good work, Matt and Dan!

as · 1 year ago

I don't see any "vast right wing conspiracy" against comVentures or Worldview. Every time something falls out of their closets and we are talking not just skeletons but recent mutilated bodies of entrepreneurs and their companies, we have cronies like Jack Largent (for comVentures) tout their horns and dismiss anything not consistent with their view. Some time earlier a discussion on Crescendo and Worldview brought a paid hack, Barry Arriko, to speak in support of Worldview and it turned out he was in the payroll of Worldview and a well compensated shill and nothing more. Instead of managing a Worldview company he was busy as a shill and eventually ran the company and himself out, wiping out all investors and shareholders value.

God indeed save us from their likes and those like Jack Largent.

Steven · 1 year ago

Jack, your point is well taken and the fact of the matter is that there are many "stories" surrounding many firms - some are more public than others. I think it is a story because for many years, the inside world of VC's has been very tight with few breaking ranks to describe internal strife/decision making etc.

While may companies who pitch these firms create their own versions of what goes on, sites like TheFunded.com look to exploit others experiences from a different perspective. We all know the internal process can wear a group down in the decision making process - part of which has affected the likes of Velocity. A MP and LP's inability to work together affects not just the investors and the firm but also those pitching or who have received money from the firm too.

Kosher...while you may want to disagree with Jack, at least he did leave his real name and didn't make one up....and I dont disagree with your summation of Van Der Meer.

kosher · 1 year ago

Steven, it's nice to see you "don't disagree" with my summation of Van Der Meer (and for that matter, Orsak or Jeb Miller or Spreng or Wei at Worldview and Crescendo). Now, on a second point, just because Jack Largent (or someone pretending to be him) used his name doesn't make his comment any more credible or acceptable. In the ruthless dog-eat-dog world involving venture investors it won't take much to see why some may choose to not reveal their names. What matters is what should matter: are they being factual? is there evidence to back their comments? etc.

There is enough covered at VentureBeat and PE Hub to reveal how Worldview, Crescendo, and comVentures went about their businesses. And how many entrepreneurs, LPs, and GPs got screwed over by Mike Orsak, Doug Spreng, Van Der Meer, James Wei, and...Jeb Miller (who in Dec 2007 got what he richly deserved for long.) Kudos, Matt Marshall and Dan Primack! Keep up the good job you are doing!

Steven · 1 year ago

Kosher,

Your point on whether or not it's Jack is true however "Jack" wasnt stating any facts just merely his opinion.

I recognize this is a pretty sensitive subject given what has gone on throughout the years with Firm and dont be too surpised if the tables end up getting turned on Van der Meer now that Levinsohn and Miller are engaged.

Nova Spivack · 1 year ago

This story seems uncharacteristically gossipy for a respectable publication like Venturebeat. I know the team at Velocity and I think they are quite good. Ross Levinsohn has an A-list track record, Miller has terrific operational experience. As for ComVentures, there are a number of very solid people there who seem as qualified as, and no different than, any other VC I know. All VC's and all ventures go through ups and downs and sometimes have to make changes. I don't see why Velocity / ComVentures is any different or worth singling out on this. To be fair, why not write similar articles about the backroom issues at other venture firms as well. But before doing that, I would first ask, who really cares about this kind of material anyway, other than the particular people who were involved in these issues? Is it really worth reporting this? Personally I can find all the VC mudslinging and gossip I need in TheFunded. I look to Venturebeat to give me substantial news and analysis of the VC industry.

A Voice · 1 year ago

Nova Spivack's comment makes no sense at all. If his concerns are that the recent coverage on Velocity is negative on both Ross and Jonathan he needs to read the articles again--those two individuals come across as competent, well-meaning, and if anything naive about who they are associating with in their latest gig (and there is nothing wrong that that.)

Nova's other points about ComVentures are ridiculous. To say they are as bad (or good) as other VCs doesn't mean we excuse their abuse. To demand we write about others as well is supportive of what Matt Marshall and Dan Primack are doing--writing about egregious behavior of VCs instead of just relaying their press releases. It has to start somewhere and early in the process, ComVentures and Worldview and Crescendo have figured prominently. What's wrong with that?

That old argument that other VCs and VC firms--e.g., Sequoia, KP, Accel--engage in bad behavior too doesn't excuse the Worldviews, ComVentures, Mike Orsaks and James Weis and Va Der Meers. Worse, the others have at least a (relative) track record of success that brings success to their LPs and entrepreneurs. What do the latter offer to balance their arrogance? No success, plenty hubris and arrogance, ....

Not Jack · 1 year ago

Nova,
Gossip is something unsubstantiated. Where are Dan or Matt's stories not factually accurate? If they were, I'd think Velocity would have complained by now, and both writers have a history of admitting mistakes when they occur.

Nova Spivack · 1 year ago

I have the highest respect for Matt and for this site, which is my main source of news about the VC biz. I read this site every day and the reporting is consistently great.

I also have met both Ross and Roland and both of them have impressed me personally. I think the new combined entity (Velocity + ComVentures) deserves a fair chance to prove itself.

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