If I looked at these #s through the lens of a SaaS business, they sound terrible.

1200 leads (pipeline deals) >> 10 closed customers (investments)

A VC wouldn't invest in a SaaS business with those metrics and the SaaS business prob wouldn't be around for long with those metrics. But somehow, this is a good thing in VC. It's good marketing - "we are harder to get funding from then it is to get into Harvard". But the process is ultimately terribly inefficient (and non-scalable) for all parties.