Investors flooded startups with a record $63.3 billion in 2015. But a volatile stock market and fears of a tech bubble have led VC firms to make more cautious bets this year. The funding total for 2016 is on pace to drop about 25 percent, which means competition for those dollars is even fiercer than usual. What are investors looking for in companies and founders? We looked at 890 U.S. startups that were founded from 2009-2015 and received at least $20 million in VC and other equity funding.