There's a TMT boutique that specialises in TMT M&A. Offices in a couple of major cities around the world.
The deals they do are very small (30M to 100M) and so are fairly simple. Former entrepreneurs and experienced IBers (in small firms) make the MDs and Directors.
How would a VC firm view such an IB?
Can't speak to first hand knowledge on this: what I'm about to say comes from professors who have run VC funds and a good friend who owns a small VC firm.
VC firms simply don't need the same kind of rigorous financial analysis that PE firms do. While PE is mostly about digging through the numbers to determine the profitability and feasability of any particular deal, VC is very much a story-focused job. In VC you're worried about questions like how big the market opportunity is, whether the concept is scaleable, and if the deal can be structured in a way that prevents your investment from being diluted down to a net loss.
Although a lot of the IB skills you learn can be helpful like your due diligence skills and knowledge of basic M&A mechanics those skills are simply not the biggest need that VC companies have.
That said you'll probably get more exposure to early stage deals at a micro-IB.
This touches on part of my point. This IB specalises in startups and tech companies, usually M&A to larger companies. They are in touch also with VCs, because of that. But the modelling will be much simpler than say, at a larger MM bank. So, would the VC firm view the experience positively or negatively?
Couldn't tell you for sure. That said, it sure as hell SOUNDS relevant to VC from the way you talk about it. If I was running a VC firm someone who knows how to perform the exit is someone I'd be interested to have on the team.
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