Sadly this is not necessarily the case. Very very few funds...

Sadly this is not necessarily the case. Very very few funds managers look beyond the top 200 stocks for their portfolios. Too small, not enough liquidity, no broker coverage, too easy to become significant shareholders in a marginal stock, complexity of the technology, reporting issues, etc. Nearly all Aus equity ETFs (Vanguard, iShares, BetaShares, State Street etc) hold only up to top 200. There may be a couple of micro-cap tech focussed funds who may have a look but likely to be put off due to no profits yet and a massive number of shares/options on issue. All red flags to them. Also they want to see the founders owning a big chunk of the equity. Remember fundies are also managing their own business/reputation risk, so reluctant to stick their necks out for a very minor amount of their alpha.