I am in favour of a strategic raise. Sushi is massively undervalued compared to other DeFi blue chips, diversifying the treasury makes sense and adding strategic partner markes sense.
Uniswap has Paradigm. Sushi has SBF and some good 4 but lack a strong research partner.
However, there are quite a few items that need to be though through
(i) What is the goal?
As pointed multiple times, if the goal is to diversify the treasury by inviting long term term investors I would prefer
(i) a smaller cap e.g. $20m
(ii) with a longer lock-up e.g. 2-4 years and
(iii) a vesting with a 12-month cliff
The discount is fine but needs to be adjusted to what these investors will add to the community.
(ii) 21 VCs wtf! Let’s not have a party round but instead a strategic round!
21 strategic investors mean that no one has enough skin in the game to really support the team.
Some VCs in the list have shown in the past they can add real value to a project like Sushi, others look like generalist VCs trying to have a punt on crypto.
This is not a seed or Series A round. Sushi is similar to a growth stage. We need a strategic investor that will add real value not just a logo and some intro to TheBlock team.
Having VCs discussing how they can add value is fine. But what would be much more helpful would be to have each VCs prepare a management committee presentation to the Sushi team to show
(i) they understand what are the opportunities and challenges of Sushi and
(ii) how they can help Sushi
Then the sushi holders would select a lead and a co-lead and maybe 2 other strategics. So a maximum of 4.
(iii) Research partner. Not financial partner
Most of these VCs are either pure financial investors or liquidity providers. The latter does bring some value, the first not that much at this point.
I would emphasise on finding a partner with a strong technical background that can support the team in future development and continue to help with hiring.
Potential next step
(i) Sushi board schedule an investor day in 1-2 weeks where each investors can pitch and present their growth and support plan
(ii) Sushi holders vote to select the strategic partners and also the deals
(iii) Strategic partners are selected