The short answer is YES.
Investors have lots of options and want some sort of evidence that the startup has a reasonable(*) chance of success.
* Reasonable -- The balance of the risk vs reward. How likely is it to succeed vs investment amount vs likely payout. This is influenced by who the investor is, the size of the fund and the returns they need. In other words, funds have a range of investment sizes that make sense. If you need either too little money (won't give a big enough return to make a difference) or too much (they don't want to bet the farm on you) then it doesn't really matter.
In other words, you need to offer an investment size and return potential that matches the investor. And in addition you need to provide them with enough confidence that you are the team who can succeed in executing. Track record offers confidence in the team. Current progress at reducing risk and showing progress, or even better traction is another. In the end, it comes down to the investor having enough confidence against the risk.