Just my $.02 but good luck initiating a bidding war when you are cold-calling VC's ... they see this as a company who has a "need" for money versus someone looking for a partner for growth.

My suggestion would be to keep a poker face when offered term sheets etc. no matter how tight money may be pretend you only need money to leverage more growth and not to stay afloat.

If you have a product with a quickly growing user base they should be able to see the value. You just have to sell the ability to make money with or without them. If you cannot do that you will never initiate a bidding war