I’ve raised millions in venture capital and if I were to ever do it again, I’d only pitch to US-based investors. Here’s why. I’ve pitched both US and non-US investors. And every time I think back, the same lessons come up. First, US investors offered better terms. Valuations that actually made sense for founders & the ongoing market conditions. The kind that allowed you to take real founder risk and still make it worth it. When I pitched to investors SEA (and I say this with love), the terms I got offered were rough. Startup ecosystems elsewhere are still maturing, so the valuations were so low that the financial upside of being a founder… basically disappeared. Second, US investors tend to better understand the risks of startups. I've heard horror stories from friends who had non-US investors that made it harder to do the right thing like shutting down a company when it made sense. Instead of support, they got pressure. Or shame. Or silence. Founders need backing in the hardest moments, not just the hype-y ones. You don’t want to dread sending that update or avoid making the tough but right call. Third, it’s just cleaner. US investors usually want a Delaware C Corp. That’s the standard. But some international funds come with additional entity or tax requirements that add complexity. If I were to raise internationally again, I’d only do it under two conditions: 1. I’ve done a really solid vibe check, and I know these investors will actually be helpful 2. My product is international and the investor is uniquely positioned to help us grow in those markets Otherwise I’m sticking with US capital. Of course, there are always exceptions. But this has been my experience. What's yours? --- P.S. Having fun with these AI-generated versions of me to feed the algorithm. Here's the prompt for this one... Create an square image with an animated version of me in that embodies the essence of this blog post with international flags and lightbulbs that I can post alongside this text. View original post on LinkedIn.