I suspect there's also an inverse correlation between the amount of money raised at an early stage and founder focus going forward.
It's easy to interpret a large seed round as early success and become side-tracked or overestimate what your company's impact really is at that stage. Which can impact focus and lead to disaster.
While there might be a point where an effect like this would take place, I think you'd have to raise an extremely substantial seed round for that. I don't think it would be a truly inverse correlation, at least not a normally distributed one. It would probably be one sided as well, because getting no funding shouldn't increase focus.
It's easy to interpret a large seed round as early success and become side-tracked or overestimate what your company's impact really is at that stage. Which can impact focus and lead to disaster.