It seems your experience overwhelmingly Andrew Lockley, is the quantity of B2C dealflow means there are far more companies without revenue who are creating a buffer for companies looking for investment who do infact have it - who may be overlooked because of the amount of companies without revenue - am I correct in that assumption? This sounds like a problem of investor fatigue if that's the case.
B2B is perceptibly a less risky thing, large cheques from a few clients (Comes with its own issues of course, 3 large clients, 1 of them leaves 1/3 revenue gone; different risk) -
heightened by Paul Dowling's point. But risk is only higher to those who
aren't experienced in it i.e. Don't expect me to invest in a functioning
farm - the perceived risk 'to me' is already sky high (because I know nothing about it).
Yes I also never advise people to look for any sort of raise without either alot of traction (users who aren't making payments) in the UK or revenue (users paying for your stuff). But once you've got both - Whom to go to?
Who touches early tech companies with traction and revenue, and creates value through investment by understanding the perceived risk of that B2C company? And who has had a great experience with such a fund?