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It is 2am the night before a board meeting. I have put in a big week of travel (2 days in NYC; 2 days in LA and now back in Boulder getting ready for said board meeting) and I am exhausted.
The latest round of developments in the so-called "AngelGate," including alleged leaked emails and Twitter fails appears to indicate that the situation is more substantial than I thought. As a result, I'm forced to do something unusual--write a blog post without making any jokes. I've co-invested with Ron Conway; I've co-invested with Dave McClure.
Posted On Sep 22, 2010 | by Jon The last two weeks have seen incredible ink, time, and venom spread around the competitive dynamics in the super-angel and VC markets. First the “smackdown” news and chatter this week and now Angelgate .
Just when you thought the AngelGate fuss — which Mike Arrington of TechCrunch touched off earlier this week with a blog post exposing a meeting of “super-angels” — couldn’t get any more emotionally fraught, legendary Silicon Valley investor Ron Conway upped the ante late Thursday with an email to some of the investors who were at the meeting, calling their discussions “despicable and embarrassing for the tech community.” Among other things, the long-time angel investor asked those at the meeting to remember who they are supposed to be working for, namely the founders of the startups they are investing in.
In a blog post that is already making waves in Silicon Valley and throughout the startup community, Mike Arrington says that he recently walked into a secret meeting of the Valley’s so-called “super-angels.”
As we just stated in our previous post, there was clearly an email sent by angel investor Ron Conway to a group of super angels who were likely involved in the Bin 38 “AngelGate” meeting that Mike stumbled into a couple days ago. We’ve now received a copy of the email that Conway sent from an anonymous tipster. And we’ve confirmed it is authentic from one of the recipients.
I was talking about Angelgate earlier today with an entepeneur (the new spelling) and we were talking about what a difference it makes that we don't know who was there when Mike Arrington walked in on the meetup of angels apparently colluding in an illegal fashion.
By far the most insightful post on AngelGate - Way to go Dave Winer! @scriptingnews by Sep 25
Ron Conway, one of the most influential venture capitalists in technology, dropped a bombshell on Silicon Valley Thursday by accusing another group of prominent investors of "despicable and embarrassing" conduct surrounding hot startup investments. Conway's attack throws a barrel of gasoline on the rapidly escalating conflagration known as AngelGate -- an alleged conspiracy by a cartel of top early-stage, or "angel," investors to collude and fix price levels for hot tech investments .
So i've been debating whether to write this post all day.
On the surface, it seemed like the situation that has come to be known as AngelGate was dying down. Since we broke the news about the secret meetings between angel investors where they supposedly agree to agree on things, a lot has been said on both sides.
Yesterday I was tipped off about a “secret meeting” between a group of “Super Angels” being held at Bin 38, a restaurant and bar in San Francisco. “Do not come, you will not be welcome,” I was told.
When TechCrunch editor Mike Arrington barged in on a secret meeting of super angels, the wealthy individuals who are taking an increasingly prominent role in startup investing, the facts were open to interpretation.
Mike Arrington, editor of TechCrunch, sure knows how to ruin a party.
Dave McClure, a “super angel” and founder of the seed stage startup fund 500 Startups, has writtten a profanity-ladened post in which he admits he was at a secret dinner that Techcrunch editor Mike Arrington barged in on . But McClure denied Arrington’s allegations that there was any collusion among the angels to hold startup valuations down.