We'd been working there for about 2 years at that point, had always got paid, had been the same team since day 0 so we had no reason to doubt the "I'm just waiting for the next investment to clear in the company account then I'll pay you everything you're owed" message. Plus the arrogance and naivety of "it's a tech company, he needs us to do anything so he's got to pay us eventually".
Just can't help myself to mention the eerie similarity with being a factory worker in Russia in the early 90-ies: people would too work for months without getting paid, and for pretty much the same reasons. Plus, when you see with your own eyes that the product is still being made and even shipped, surely at some point the money will clear?