[l33tbro]

It's hard to tell from your description how big the firm is. If on the meatier end then it's not unusual they'll have something in your wheelhouse. If boutique - then that's obviously a lot more concerning.

If it's the former and they're backing something with a super similar value prop then I would just be polite and upfront about the conflict of interest. They are no doubt smart people and, therefore, it's likely they will have anicipated your hesitancy already and will be primed with some form of response.

Maybe they're trying to fuck you here - but I would just play through and be transparent.

[etxm]

This is all new to me so I’m not exactly sure what makes a firm large. There are 50 companies give or take in their portfolio. Less than 1b in the fund.

[l33tbro]

Talk to some trusted peers if you can. Solicitng important advice off niche internet communities is great, but you need to have an IRL conversation with someone that is highly experienced and can be trusted.