How did this become such a big deal? Raising money, especially for the first time, is a stressful experience full of uncertainty. When we did it, one investor (not Google Ventures actually) low balled us and a lot of our peers. We were first timers and it freaked us out.

PG would have no problem with writing "avoid Google Ventures". He didn't because that's not what he meant. It's simply about saying hey I heard that Google Ventures lowballs, if they do it to you don't freak out.