[gatsby]

If you have a term sheet from a great/good investor, you don't say who it is because all good investors talk and the investor you're trying to get a term sheet from will just call the investor who gave you a term sheet. Worse case, they talk each other out of the deal. Best case, investor B comes in ever-so-slightly above investor A's offer (vs. potentially coming in way above, in absence of knowing the price).

If you have a term sheet from a bad or unknown investor, you don't say who it is because all investors (great, good, bad, or ugly) will discount their offer significantly. There is a huge difference (even if it's bullshit) in getting a $10m A from Sequoia vs. a $10m A from a Dutch strategic investor who's making their second investment in three years.