The reason British VC’s have a bad reputation

Yesterday I received a brutal review on Landscape describing me as "the reason why British VCs get a bad reputation".

This is what happened. I need your honest feedback.

We agreed to back a founder at a £1.8m valuation. The valuation was low but that was part of the reason we committed.
We weren't leading so the founder thought we weren't valuation sensitive.
When we received the legals, the round size went from £600k to £1m and the valuation from £1.8m to £3m.
We hadn't heard anything on valuation change before then.
We passed because of the significant valuation increase.
When I told them, the founder was visibly upset and clearly continues to be.

What could I have done differently? What should I do differently in future?

#founders #startups #venturecapital #buildinginpublic #investinginpublic