It's impossible to raise $2M
I have heard from entrepreneurs over and over again that "it's impossible to raise $2M!" This amount is too large for most angels and angel groups. They are more likely to want to invest $250K - $1M or so.
For most VC funds, an investment of $2M is too small for them to bother. As they have a $300M - $1B fund to invest, a $2M investment doesn't put enough money to work to take up a precious time slot. Every investment, regardless of size, takes some time to mentor, monitor, and add value to.
But, $2M is just about the right amount for most early stage companies as a first investment. Perhaps a company has raised $250K-$400K in angel money. This gets the company up and running, but is not enough to move toward scaling the business. $2M should be enough to get to the initial revenue stage and to show exactly how the business scales. The product should be in its first release, and the initial revenue model should be validated. A sales pipeline or steady source of sales traffic should be in place. An initial team is probably in place.
In the Boston area, there are very few firms that will really invest only $2M in a new company (excepting situations where a VC firm is providing seed funding to a known successful entrepreneur). I can direct early stage companies to the same 5-6 firms, but the other 10-15 'name' firms haven't shown an interest in looking at early stage companies that have modest capital needs.
Some of these companies may turn out to be big outcomes. Many of them will provide a very significant multiple return to their investors. But, none of them are likely to require much capital. That sounds like a sound investment recipe to me, but if you have to put a big fund to work, you may miss the chance...