Should I approach VCs who previously or currently are invested in companies who will be direct competitors?
It’s not a big deal.
Most VCs, if they see a conflict, they’ll just tell you. Sometimes, the conflict is an illusion.
And most VCs, if it’s an ex-investment via acquisition, they’ll know if they are interested again.
Don’t over analyze it. In fact, just bring up you’re a competitor in the first e-mail.