This tracks very well with Andrew's Mixergy interview of Spanish entrepreneur Juan Dominguez (http://mixergy.com/redcpa-viajar-juan-dominguez/), where Juan mentions that there are really no VCs in Spain, and the money sources there offer atrocious terms.
Couldn't agree more. Recently I gave a talk about startup financing where I had to explain some of the most crude clauses of term sheets that "were" used in the US 10 years ago, but that "are" used by VCs in Spain currently :(
