It is well established that VCs can positively impact the start-up companies in which they invest. They not only provide financial resources, but also help their portfolio companies formulate strategy, professionalize the firm, and transfer reputational assets, network resources, and other intangible assets. They also control and discipline management. VCs also invest in conjunction with a specific time line in mind. Can the significant influence a VC has over the strategy and management of the start-up it invests in coupled with this finite time horizon move the start-up firm to develop along a trajectory that undermines its long-term profitability? In this study, we examine how the underlying sources of a start-up’s potential long-term competitive advantage—in the form of the technology characteristics of the start-up—interact with how it is funded, to affect its performance over time (i.e., one, three and five year post-IPO performance). More specifically, we examine the relationship between VC funding and post- IPO performance, and how technology characteristics moderate this relationship, hypothesizing that VC funding hampers long run performance in the case of start-ups with broad technology portfolios and basic science orientations, while it helps in the context of start-ups with narrow technology portfolios and more applied technologies.