The issue with pitch decks is that they represent only the legible part of the fundraising process. The promise of a good pitch deck is that it gets you funded. However, this is far from the truth.
The truth is that the biggest early-ish rounds (pre Series B) were not closed because of the pitch deck, but despite of it.
Actually, the earlier the round the less important does the pitch deck become.
It's the illegible part, that so few talk about and that can't be shared that is the main driver. It's the social reality surrounding the founders and the round. It's the whisper and rumors inside the investor community, who makes the intro, the medium of the intro (phone or email) and many other small things.
The truth is that the biggest early-ish rounds (pre Series B) were not closed because of the pitch deck, but despite of it.
Actually, the earlier the round the less important does the pitch deck become.
It's the illegible part, that so few talk about and that can't be shared that is the main driver. It's the social reality surrounding the founders and the round. It's the whisper and rumors inside the investor community, who makes the intro, the medium of the intro (phone or email) and many other small things.