It's not about the number of investors you have. It's the terms that matter.
It is not uncommon for founders to get advice that includes, "Don't let a lot of investors on your cap table." This unfounded fear has lead to the use of SPV's or Special Purpose Vehicles that enable a single entry on a cap table for a raise. Mark Roderick, of www.crowdfundingattorney.com breaks this issue down and explains that the 'problem' is a matter of perception. His takeaway message: "The terms of the securities are more important than the number of entries on your cap table.