The bottom line is: VCs invest in people, not just businesses.
The leader & team around the leader often signal to VCs that the Founder has the potential to succeed. If a Founder feels they are lacking in this regard, adding a strong team member can be beneficial.
Venture capitalists want to see a team that is “all in” from the beginning (not waiting in the wings for funding to arrive before they jump on board). VCs want to see that the team shares the leader’s vision and offers the relevant skills and experience to face future challenges the business will face as it expands. Smart leaders are very strategic as they build their core team, making it a source of value that VCs find attractive.