I've wondered about this as well. I'd guess it would depend on the investor and the type of perception you are trying to convey about yourself and your product

I've wondered about this as well. I'd guess it would depend on the investor and the type of perception you are trying to convey about yourself and your product. (I'm hip, I'm smart, I'm successful, I'm trustworthy for investment, etc). Hopefully your funding doesn't depend on your fashion sense, but perhaps there's something to that first impression thing and other intangibles.