This arrangement is backwards. This is not the way legitimate capital raising works, at least in my circles. This sounds like someone trying to take advantage of you. I would stay away from this guy.
If this guy really believed in your company, let him invest in it.
If he does have "insider VC connections" that he can somehow "introduce you to," the very first question those VCs are going to ask him is: "Did you invest?" And he'll have to say no. And the most important thing to an investor is social proof: who else invested? This guy's value as an introduction plummets if he isn't also investing.
Once again: this is not the way legit startup fundraising works. This is the way slightly shady players take advantage of all the dumb startups that want to raise money.
If your startup is fundable, you'll find plenty of investors and they'll be fighting for a piece of the pie. The investors you encounter--at least, the legit ones--will all be begging for the right to invest in your startup, not demanding $1500 a month.
If your startup is not fundable, you won't find many investors anyway, and the investors you find won't be very well connected and will not position you to grow and raise more money.
Once again, and this is the most important principle: A legit player who believes in your business should be fighting for the right to invest in your business, not selling his services in exchange for a slice of the proceeds.
(edited) The problem is that this guy is not going to have any skin in the game. He is not doing anything for you and not taking any risk. He either wins a 3% stake in your company, or he loses--nothing. There's no reason for him not to do this same deal 100 times in hopes of "winning" a few of them... it's all upside.
This is exactly equivalent to the guy that says he has an insider connection in the Harvard admissions office, and he GUARANTEES to get your child into Harvard for $10,000. If he fails... you get your money back, 100% guaranteed. And 100 parents sign up, and he does nothing, and 20% of their kids get into Harvard, and he keeps $200,000 and returns the rest. And all those parents are thinking, "What's the risk?" And indeed, the risk is that your child DOES get into Harvard.