Founder PSA: until you have a document in your inbox, you do not have a real offer. When the market is frothy & fast moving, as it is today, VCs may use convincing but subtly non-committal language to make it sound like they are giving you an offer when they are not. Phrases like: - “We would love to sprint towards giving you a term sheet” - “We are thinking of a deal in the neighborhood of X million at Y pre” - “We are right at the finish line. Just a couple last minute items to check out and then we should be ready to give you a TS” are purposely non-committal. If a VC really wants to invest, they will issue a term sheet. If they have not when they are indicating they should be, there is something blocking their process. It could be they still have a lot more diligence to complete. It could be the partnership hasn't yet approved the deal. It could be some last minute red flags came up they are sorting through (bad references for example). As a general rule, if a VC can’t tell you concretely what step(s) are left in their process and give you a clear timeline on how long those will take, there is something blocking them behind the scenes.