I think great VCs deliver great value, and if Sushi needed cash it would be a no-brainer.
It doesn’t though, and there are other ways to diversify the treasury too.
In terms of “adding value”… rather than effectively spending millions (and potentially forfeiting the good faith of the community) on a VC discount, I’d prefer to see Sushi spend aggressively on recruiting world-class talent that can commit full-time whether that’s engineering, design, legal, marketing etc. We already have a great team, but I’m sure there are missing pieces and it can improve and grow further.
Even the best VC still has to juggle Sushi with other portfolio companies vs. a team member who is ALL in.
And I think the value-add of a great VC is still less in DeFi than in other domains, since DeFi is so open and connected which facilitates recruiting + business dev.
Future Fund demonstrates how if a fund has truly high conviction in Sushi and the capacity to add value in a meaningful way, it could already be doing so. There are exceptions to this, but I think something like Future Fund is a better match for the ethos of Sushi anyways.
So the traditional playbook would dictate a raise from VCs at a discount. But does Sushi follow the traditional playbook? Does it need to?