That's not how the game works: The investors at this stage still don't care about revenue. The main question is whether or not they can flip the investment to

That's not how the game works: The investors at this stage still don't care about revenue. The main question is whether or not they can flip the investment to some other firm later (that is to say, will the picture look rosy enough in the future that someone else will buy in at a higher valuation). Revenue starts to matter in the last round before the IPO (if it goes that route). If the sequence ends in an acquisition, revenues won't really matter..