One client told me the other day that a later-stage investor was interested in investing in his company, and the main interaction was with a relatively junior analyst who kept on asking questions about the numbers in the business plan, rather than probing the quality of the technology.
This can mean 2 things:
- The best way to present to late-stage investment fund focus most of the time on presenting growth assumptions to the junior analyst
- The company went more or less through the full due diligence of the company, they (think they) understand the main strengths and weaknesses of the technology, what is left to be done is stabilize the numbers in the valuation model.
Option 2 is probably more likely. Although they keep on asking for numbers, does not mean that the overall story and context is not important.