> It seems most likely to me that this investment was based on her personality and/or personal connection

isn't that how most founders get their initial $$? At least the ones I know. One got his money from his parents because his dad is a world famous cardiologist and the other one because he was friends with a bunch of people on the board of YC.

Heck, even the go pro founder got a ton of $$ from his parents.

Elizabeth holmes was no different.