I'd be just as worried about whether it's feasible for the group to do this part time while keeping a W-2 as whether or not investors will invest. Running a growing business isn't easy - it takes a lot of time/focus/effort to get to a good outcome. As someone who has run a biz and who has friends who have done this as well - you really really want to set yourself up for success in every way possible. Not committing full time means that that this is more likely to be a lifestyle business without a lot of growth versus something that can grow to a good exit. If that's what you want to try for - that's fine, but be very open eyed about it (and going back to investors - they won't want to invest in a lifestyle business).

I think most would justifiably answer no. However, creativity and adaptability are two fundamental aspects of the whole concept. While three searchers keeping their day jobs would probably alienate most investors for the reasons others mentioned, there are ways to make a 3 person partnership work, though not usual, perhaps risky and less established. Check out that video that came out exactly the day of your question: redacted.

Whatever you do, make sure you and your partners are alligned in the long term run, or go on your own otherwise.