I'm sure I'm not the first person to think of this - so I'd love others to poke holes in this. There are thousands of companies that have gone through accelerators like YC and Techstars that likely have good businesses but failed to reach venture scale.

Beyond the normal diligence related things that disqualify a sale (bad team, bad margins, no profitability, customer concentration, etc.) I imagine there are some unique issues related to the capital structure (VC liquidation preference) and the founders multiple expectations (maybe not unique to these types of companies) that would make transactions like this complicated.

Any other obvious roadblocks that makes pursuing these companies unreasonable?