The venture capital industry is less transparent today than at any time in recent memory.

For all the talk about broadening gain access to and improving its sordid record on diversity, in reality, it has never ever been more difficult for founders to determine who can even write a check to their start-ups in the first location.

When I first went back to TechCrunch after my second stint in venture capital, my very first piece was entitled “ The loss of very first check financiers. “While working in the equity capital industry, it was maddening to see– especially at the pre-seed and seed stages– how couple of investors were truly going to go out on a limb and buy founders before another VC had actually committed a check.

It’s just gotten worse in the past two years since that post, and the intricacy originates from a number of various places. As our investigation revealed more than a year ago, fewer and fewer endeavor rounds are being announced through SEC Type D filings.

There are almost no publicly responsible datasets left showing who is composing checks in the endeavor industry and which business are receiving those checks. While stealthiness stands in the early days of a start-up, the reason wears thin after years.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.