I think there is some notion that VCs are these rational, brilliant people who are making money hand over fist investing in the best projects. The reality is that many VCs do not make money and invest in tons of bad projects all the time.

Why would they invest in bad projects? Because they are humans who happens to have a crap ton of money. As humans, they're susceptible to FOMO and hype. They are susceptible to things like first impressions, a good slide deck, a good sales person, etc.

All this to say is that it might be the VC, it might you, or it might be your project. Who knows. This is why many founders end up pitching to 30-40 VCs because sometimes it's a numbers game.

The whole VC funding thing is a game that you have to learn about and crack. The easiest way to crack it is to show you have growing revenue. The next best thing is to show you have growing users. If you do not have growth, then you'll just have to hustle and put on your best sales game.