This question could be posed "Does a x's brand matter?" All else being equal, yes. However, in the case of an example like Sequoia, their brand isn't some magical thing achieved through advertising. The brand recognition is a result of having kicked ass early on. If you end up investing in the next Apple, Google, or Youtube, you will also end up having a good "brand."

I find this distinction important. If you're looking for investment, follow the same strategy. Kick ass first, then find a good VC. If you're a musician, play good music, then get a record deal (or skip them altogether).