Would this have been possible outside of the Bay area? Is it possible to raise this amount of money for just an idea (a good idea from a knowledgeable founder, but no POC or traction) elsewhere in the US or anywhere in Europe? From what I understand the conventional wisdom is that only VCs from the Bay area will take this sort of bet and they will prefer the company to be located there. But much of what I've read on the matter is about 5 years old so I'm wondering if this is still true (or if it ever was).Also, this was a really great article and congrats to the author!
dewhelmed|4 years ago
> I worked in venture capital for two years at a fund specializing in the area my Loyal is in (so I had a preexisting VC network, was seen as a bit of an ‘insider’, and the fund invested in Loyal, which was good signaling).