The only thing a VC (or any other investor, for that matter) cares about is whether they can make their required return.

The way they come to this conclusion depends on 2 things. First the current valuation of the business. And the future valuation at their time of exit.

Current valuation seem simple in theory but often times is the biggest area of contention. This is where being post revenue or post profit can be a problem because often times this creates an enterprise value in the mind of the entrepreneur that is untenable for future investment.

Future valuation is a little more tricky. You have to convince the investor that the company is viable and that it can scale to the point where they can make their return.

I would be happy to discuss this further.