One aspect that I can add is that VCs can certainly do a better job when it comes to code repository analysis. They very often outsource their tech due diligence to third parties instead of looking at source code themselves. In the case of tech startups, most value is very frequently in the code itself: who were the key contributors, how did the development velocity change over time, how does the collaboration pattern look like in the org, is everything in the slide deck true about the number of devs from start to date, etc... Disclosure: I happen to work on a B2B SaaS platform that creates these analytics and although our core market is not investors (it's developers and their managers themselves), I also see the value creation of one-time analyses for VCs before investments.
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If you are looking at keeping track of who's working on what and how much your individual developers are contributing to your endproduct, you can try https://gitential.com/ , which is a software development analytics tool for all git-based repositories. Works with Github, gitlab, bitbucket, or vsts. And can be deployed on-premise as well!
/u/PolBaladas is 38hrs a sufficient estimation for the total time spent on the repository by all contributors?