If the investors don't share your enthusiasm for the new direction, it seems entirely reasonable for them to demand their money be returned. They invested with

If the investors don't share your enthusiasm for the new direction, it seems entirely reasonable for them to demand their money be returned. They invested with a belief in the original direction, which the team is now abandoning. It seems unethical to solicit investments for one direction (sell a vision), and then spend the money in a new one (bait and switch)... If the investors believe in the team and the new direction and wish to leave their money invested, that's great; but it shouldn't be forced on them.