Pulling up and referencing some old blog posts, but I think this is important topic. Entrepreneurs need to take time to do their homework referencing a new investor. With some recent financings I have seen getting done, this was not the case.
I just read this 2010 post from Mark Suster on Why it's Critical that you Refrence Check Your VC.
If you are an entrepreneur raising capital, you should check this out. It doesn't matter if you are raising capital from VCs, angels, angel groups or strategics. The advice still applies.
And, even better, make time to do a face to face reference check.