They'll be trying to decide if they can make a deal work with you.
Be honest, be prepared to decline to provide proprietary information (some are fishing for this to build clones of you), and treat the call like a prelude to either cashing out or getting fleeced.
Check that VC's background at thefunded.com, and take stock of yourself. Build yourself a "gut-check" spreadsheet table of amount invested in you vs. percentage taken. They may want to invest more than you want to take. Figure out where on that table your sweet spot is, and bear in mind that depending on how well your company is doing, that the sweet spot might have zero size.
Develop yourself a strategy of if you're going to approach other VC's with an offer you get. Others may be willing to value you higher or offer better terms if you can shop your term sheet around. You may not feel comfortable doing that, but be certain internally what's on the table.
In the end, remember: no deal is too good to walk away from.
Who reached out? Is it a partner or an associate? If it's the latter, realize that associates screen deals and partners fund companies. So, temper your response accordingly. You want to get to the partner ASAP.
Be careful using thefunded. It's much better to get references on the partner, not the firm.
They are looking to see if you have momentum and match their investment areas. What problem you solve, proof of whom you are solving the problem for (target market(s)) and the growth story. That's all you should go into, at best, for an associate screen or first call. If you hit those points and are a match for the firm, you'll get a partner interview if they are really interested.
Don't indulge too much fact finding. Worst case, they have a competitor in their portfolio or they are vetting another company for investment and you happen to be in the same space.
Be honest, be prepared to decline to provide proprietary information (some are fishing for this to build clones of you), and treat the call like a prelude to either cashing out or getting fleeced.
Check that VC's background at thefunded.com, and take stock of yourself. Build yourself a "gut-check" spreadsheet table of amount invested in you vs. percentage taken. They may want to invest more than you want to take. Figure out where on that table your sweet spot is, and bear in mind that depending on how well your company is doing, that the sweet spot might have zero size.
Develop yourself a strategy of if you're going to approach other VC's with an offer you get. Others may be willing to value you higher or offer better terms if you can shop your term sheet around. You may not feel comfortable doing that, but be certain internally what's on the table.
In the end, remember: no deal is too good to walk away from.