[onlyrealcuzzo]

It's more (iii) the narrative.

Give us your money to invest in this new, fresh face that's going to change the world.

If you're an old face - why haven't you changed the world already?

The story isn't as catchy.

It has nothing to do with what makes sense. For a large subset of VC (obviously not all) - it's more about what you believe you can sell to others than what you believe is actually going to succeed.