I think here deserve is the wrong term, semantically speaking. Investors do not decide who "deserves" more money, they decide who GETS it. Deserving is more a

I think here deserve is the wrong term, semantically speaking. Investors do not decide who "deserves" more money, they decide who GETS it. Deserving is more a moral term and makes things confusing: a company could deserve the money but not get it because they are not good enough at fundraising, or they need the money at a time when money is very hard to get etc. And many companies get money without deserving it because some investors are stupid, or because they are way too good at looking shiny.