I'm not an investor so take this with a grain of salt, BUT:
Investors care about 1 thing: will you get them a return on their investment. They may say they care about a lot of other stuff too, but that's thing #1, always.
A degree can help them determine whether or not you've got the goods; but that's not the only thing - it's just a factor.
When they talk about investing in a team, not an idea; they mean "Will these people be capable of using our money as leverage?" and "Will they get results?". If you don't have the pedigree then you'd better be able to show them _something_ to tell them that you've got what it takes to get shit done.