I think it's mostly the trushworthiness of the founders (plus if they have a track record) coupled with the kind of industry/product they are working on. Some

I think it's mostly the trushworthiness of the founders (plus if they have a track record) coupled with the kind of industry/product they are working on. Some categories inherently need more capital (hardware, network-based) so chances are maybe higher that you will have more dilution but hopefully the pie gets bigger each time so that may not be the worst thing. Even though "making money" seems so passe these days, the startups I've experience with that were not viciously focused on revenue and at least break-even are dead and the other two still exist so not a big-enough "N" for a sample but ....