I read recently that something like ⅕ of all pre IPO, non-PE venture capital/debt financing goes to unicorn companies. My company has solid growth and MRR, but we are definitely not under the delusion that we’re a unicorn. Still, we, like most startups, aspire to receive capital from a top Valley VC. Will they even be interested if we are lucrative but not unicorn-level?
VCs are interested in money. If you can show them how you can take one of their dollars and make it five dollars then you may have a shot. An excellent product doesn't hurt either.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
I agree with Jonathan. All investors would love to own a big part of a unicorn, but many more are in the double and triple business. Do not forget about other geography; Silicon Valley is not the only place VCs congregate. Do not be overly impressed with the "Top Tier", be impressed with the partner you are taking on, for better or worse. Be as careful about your financing partner as you are your co-founders.