What's the difference between a pivot and founding a new company? Sometimes your company has some baggage (messy cap table, bad hires, a down round, etc), and

What's the difference between a pivot and founding a new company? Sometimes your company has some baggage (messy cap table, bad hires, a down round, etc), and pivoting brings that baggage along. On the other hand, forming an entirely new company takes time and effort that may not be necessary. What do fundraising entities think when they see a company fold/exit somehow in a way that keeps the founder free, and the founder immediately found a "similar" company solving an "only" marginally different problem?