Interesting... What effect does this have on your criteria for investment? Or are you saying that raising less might in and of itself make the investment riski

Interesting... What effect does this have on your criteria for investment? Or are you saying that raising less might in and of itself make the investment riskier by implying that they've under-estimated how much runway they might need? I've often heard the advice that "it's not much harder to raise a million than it is to raise $250k, so you might as well raise a million" or some variation thereof. Is that true in your opinion?