Have you pitched to one?
Actually, I have.
And from my experience the most crucial concern in investors' minds (apart from the idea itself and its traction) were these aspects:
- Are those guys serious about their business? Do they really believe in it?
- Can they work together as a team?
- Are they committed for a long-term struggle? Or do they give up easily? (Past business experience)
- Will they be focused enough and not be distracted by other ideas?
Most start-ups fail not because the idea is bad. They fail because the founders run out of determination to carry on or they start fighting with each other and lose focus on the long-term goal. So information about people behind a project is pretty important, not just TRACTION TRACTION TRACTION.
I talked about this. Team matters - especially at the seed stage. But they are past that, and have a proven product. Then the value of things is going to be about the success of the product.