From an article titled Everpix, Snapchat and The Startup Lie:

See, most venture capitalists swing for the fences — all the time. They don’t care about base hits, doubles, and sometimes even home runs. They want the grand slam, the big idea, The Next Facebook.

 Small, profitable companies; particularly ones that don’t display pump-and-dump potential get shunned by VC’s. They even have patronizing phrases to describe such operations, like ‘lifestyle business’. (wwww)

Worth reading down into the comments where one of the Everpix founders responds.

Worth checking out: Picturelife seems to do what Everpix did, only they're actually charging real money for the service. I'm gun shy right now but might give it a shot to see how it compares.