Yes, I did. But that does not mean they will invest in startups which they believe will bring negative returns or that don't otherwise suit their portfolio.
It's not their private capital - most VCs are investing the funds of 'limited partners' such as pension funds, university endowments, etc. So in essence VCs are gatekeepers which make decisions regarding startups who will or wil not get access to someone else's money.
But anyway, it does not change the fact that it’s not public money, it’s money belonging to someone and that someone trusted VC to make decisions be motivated by capital gain not by social justice and fairness.