This thesis analyzes the determinants of venture capital investment decision-making in early-stage startups. While existing literature often examine financial, strategic, and qualitative factors independently, this study explores how these elements interact in practice and shape investment decisions in an integrated way. The aim is to better understand how venture capitalists make decisions under high uncertainty, especially when traditional financial metrics offer limited guidance. The research adopts a qualitative and explanatory case study approach, focusing on Sequoia Capital’s investment in Airbnb and Index Ventures’ backing of Revolut. These two cases provide insight into how leading VC firms evaluate startups with strong growth potential but limited historical financial performance.