If it is true that...

It is possible to raise too much money in startup fundraising

and

Raising too much money sets impossibly high expectations and can make a company more rigid

Then it must be true that...

Startups raising money occasionally alienate investors by seeming arrogant

If it is true that...

The danger of behaving arrogantly is greatest when you're doing well

Then it must be true that...

Startups raising money occasionally alienate investors by seeming arrogant

If it is true that...

Startups raising money occasionally alienate investors by seeming arrogant

and

The danger of behaving arrogantly is greatest when you're doing well

Then it must be true that...

Investors who reject you are some of your warmest leads for future fundraising