Thomas Korte from AngelPad mentioned this:

“We don’t see how much work or how much time has gone into it – we don’t see how many iterations it took, how many years it took, how long it’s being going on,” says Korte. And it’s a problem that’s affecting everyone. “Investors become impatient, founders become impatient, employees become impatient…but building great companies takes time.”

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Yup, most investors don't look at the 'vintage' of a startup in the same way as they do when they are stocking up their wine cellars :)

Dave Morin talks about the Slow Company movement so clearly he agrees.

I also found this slow company manifesto:

If you look at companies such as Apple, Intel, Genentech, and other Silicon Valley startups, you’ll see that their initial funding round was pretty low by today’s standards, even adjusting for inflation. And more importantly, they generally were profitable quickly, within a couple years.

It's hard to find patient investors. When you do, they are worth so much.