I don't follow this as close as you, so can't really give my own opinion.
The fact that they have managed to raise a million pounds with another million on the cards in January says to me that someone has faith in them.
I know from experience that when I have simply wanted to open up a business account with the bank I have had to supply a full business report detailing my likelyhood of running a profitable business before they would even let me use their bank.
I have just this week incorporated a new company (Infinite Creativity Ltd) and now have to go though this phase again. What must you have to be able to prove in order to borrow a million pounds?
There must be something there, surely? No one is going to lend a million quid without expecting to make a very nice profit on it.