I am getting sick of companies who are raising millions even in this environment, without a proven business model or even a working product.
I have built products & having a very hard time raising money.
Here is an example
https://apps.apple.com/us/app/arketa-fitness-wellness/id1451028025?see-all=reviews
Company has barely any reviews past 2020, growth is going down yet raised 7million in Feb 2023. Biz model relevant for the covid era. WTF?!!?
Here is another one
https://partiful.com
Raised 20 million in November based on 1 article in NYT. Barely any traffic on site, less than 10k visits and no business model. WTF?!?!?
The founders have no deep domain expertise, no from FAANG. Not even tech background.
What am I missing here?