The appetite for risk in seed funding is almost entirely gone now. Two decades ago you could raise a small seed round with very little more than a good pitchdeck. Today you won't get a dime until you have an established business with significant revenue. In some ways that's quite reasonable - the barrier to getting traction is much lower now and you can build something very cheaply. It's still frustrating when people claim there's plenty of investment money around though.
That was my experience. My guess is capital seems abundant to well connected insiders in the Bay Area. It's not in London where revenue is a prerequisite. One startup I know had to go to Berlin for funding.
