Founder with $25M ARR Pitched 50 VCs in a Year, Then Rejected Every Term Sheet
MatthewChang · x · 2026-11-03
SaaS founder Adam Robinson says that after 12 months of pitching more than 50 top-tier VC firms — term sheets and big promises included — he walked away from all of them and decided to never take venture money.
His key arguments:
- Dividends beat lottery tickets: the company banks $1M/month in profit under bootstrapping
- Investor "value-add" is mostly BS, in his experience
- A culture of shutting the laptop at 5pm and being present for family clashes with VC-driven growth pressure
He recorded a video laying out 7 reasons why taking VC money would have been catastrophic for his business, backed by concrete revenue figures.
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