Founders are worried about losing to competitors who raised more money. In actuality I’ve only seen counter-examples:

Tensor beat magic Eden with 2 orders of mag less $.

Solana beat other L1s with 2 order of mag less.

Jupiter raised 0, all VCs passed.

Less money = more sense of urgency more chip on the shoulder.

I'm old, my cycle for all this was early web days in mid 90s, and of the people around me who got big vc funding, most were manager types who needed the money to hire builders

Actual builders mostly got ignored

That's why I couldnt be rooting harder for jupiter, I want to see that model take over