Hey Lauren! The answer is a big “it depends”. Stage of product development is only one part of attracting funding. We (and many other micro VCs) are totally comfortable investing in just an idea if the other components of the company are there (proven team, attractive market, good story around competitive moats/differentiation). For first time founders without much prior experience to point to, some kind of proof of concept is helpful to illustrate what they’re envisioning but often a looks-like prototype is enough to do that.
Also, the line is blurry between accelerators and micro VCs. Something like 20–30% of companies that raised Series A rounds last year went through an accelerator which means that 70+% either raised initial capital from friends and family, angels, and micro-VCs or, went straight to A.