Great question, Brandon Bourn. This is another case where you want to be a little vague.

It really depends where you are in your round. If you do have some people who have already agreed to invest, you can name one or two of them. Otherwise, I’d say something like “The usual suspects. You know, we are making our way up & down Sand Hill Road today and tomorrow.” That would tell them that you are talking to their peers at other venture funds.

Or, just tell them the categories of who you are talking to. For example, “we have a lot of Angel investors that are very interested, and one strategic in particular who has been doing a lot of diligence.”

I would not name any names unless they are in writing, and only if the name will be motivating (i.e. a blue chip name).

Appreciate that you read the story and asked an insightful question!