Post Written by Vasily Alekseenko

The relationship between founders and investors can feel like a weird dance—lots of signals, very little clarity. One day you’re in a promising conversation, the next you’re ghosted or hit with a generic “too early for us.” And if you’re at the early stage, where every email feels like it could change your life, this stuff messes with your head.

But once things start going well—once you’ve got traction and funds begin chasing you—you start to see how things actually work behind the scenes. I’m building my second startup now, and because of our progress, I’ve had the chance to spend time with a range of investors, from small funds to big-name VCs. And you start to notice some patterns.

Most Investors Don’t Lead, They Follow

One of the biggest surprises? Conviction is rare. A lot of investors aren’t looking to be the first in. They’re looking for validation. If another fund is showing interest, they’re interested. If no one has moved yet, they hesitate.

So when you get a pass, it often has nothing to do with you or your business. You might just not have a queue behind you yet. The minute someone else takes the lead, others start lining up.

Feedback Is More Complicated Than It Seems

We’re all told to ask for feedback, but real feedback is rare—and often filtered. Here’s why:

Most investors don’t have time to reply to every founder.Some founders argue or get defensive, which makes investors more cautious.And in some cases, the honest answer is too harsh to say out loud.

One investor told me about a founder who kept chasing feedback. The truth? “He’s just not very sharp.” Brutal, but also impossible to deliver without starting a fire. So instead, founders get polite replies or no reply at all.

A Quick No Might Just Mean They’re Out of Cash

Sometimes a rejection isn’t about you at all—it’s just bad timing. Many funds run out of capital and are stuck in limbo until they raise their next fund. They still take meetings to stay in the loop, but they’re not actively writing cheques.

If you want a hint, check Crunchbase. If they haven’t made any recent investments, they might be out of money, no matter what they say on the call.

“Too Early” Isn’t Always a Dead End

Founders often hear “you’re too early” as a polite way of saying no. But that’s not always true. Most investors know their hit rate is low. They’ve missed winners before. They don’t want to close the door in case your startup suddenly grows or pivots in the right direction.

In other words, it’s not a rejection—it’s a hedge. It means, “Maybe later, if something changes.”

Closing Thoughts

Fundraising is messy. It’s emotional. And it often feels like a game you don’t fully understand. But once you realise that investors are also guessing, following signals, and trying to protect their reputation—it becomes easier to navigate.

A rejection isn’t always about your pitch. A lack of feedback isn’t necessarily about your product. Sometimes, it’s just the system.

And understanding that makes the whole process a little less painful.

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