I think you are right. The founder thinks: "If I don't spend all their money, they will think I raised more money that I needed, which is probably true, but the

I think you are right. The founder thinks: "If I don't spend all their money, they will think I raised more money that I needed, which is probably true, but they don't have to know." While the investors think: "If they don't spend all our money I will think they are lowing the chances that this investment will pay back, so they better spend it all".