For weeks, Race Capital general partner Alfred Chuang had been pursuing an investment in a startup he thought was headquartered in the San Francisco Bay Area. Then, over a series of video chats, he realized it had relocated to Toronto. He’s still interested.
“The whole work-from-home thing makes the border go away,” said Chuang.
Four months into the pandemic shutdowns, venture firms including Sequoia Capital, Accel, NEA and General Catalyst are realizing they can close deals without meeting founders face-to-face. While some investors argue Zoom can't replace an in-person pitch, more virtual deals could increase investments to overlooked founders outside Silicon Valley.