You occasionally see this phrase with the VC part spelled out:

"They provide the capital and they will do the board service, but are less inclined to roll up their sleeves and really work the deals they way they have traditionally...Some chief executives of venture capital backed companies are calling them 'drive-by venture capitalists.' They drive by, throw out the money, and attend the board meetings by telephone. That is not very good."
Chuck Martin, "OC's venture capital dean," Orange County Business Journal, July 24, 2000
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