I too am baffled by this, since it suggests a complete lack of due diligence on the part of VCs.
By a massive coincidence, I'd like to mention that I'm taking a hiatus from strategizing about how to raise money for a feature film to launch a very hot startup that will be disrupting the messaging, retail and payment spaces - simultaneously. It will be like Uber for money, or maybe like AirBNB for shopping. Anyway I urge people with more money than sense to get in on the ground floor of this smoking hot opportunity right now. For every extra digit on your initial investment that separates you from your more timid peers, I will supply a luxurious, hour-long ego massage.
By a massive coincidence, I'd like to mention that I'm taking a hiatus from strategizing about how to raise money for a feature film to launch a very hot startup that will be disrupting the messaging, retail and payment spaces - simultaneously. It will be like Uber for money, or maybe like AirBNB for shopping. Anyway I urge people with more money than sense to get in on the ground floor of this smoking hot opportunity right now. For every extra digit on your initial investment that separates you from your more timid peers, I will supply a luxurious, hour-long ego massage.