[ThrustVectoring]

>what cohort of people does this filter exclude?

People unlikely to have the connections and social capital required to get future rounds of funding.

There are many venture capital filters that are Keynesian beauty contests like this. Venture capitalists aren't optimizing for funding financially sound businesses. They're optimizing for funding in round N companies that they believe have a good enough chance to get funded in round N+1, and so forth.