Really? You might've been in these investor meetings. AFAIK, founders are telling investors about the big vision, we'll raise money right now and wishfully become very big. In what way are investors stipulating, "ok we'll fund your seed/A but only so that you can hit certain benchmarks that you will definitely be raising a series B in a year or two." Is it that direct?

I think that distinction firmly lies in what founders decide to tell themselves.

Imagine, founders _lying_ in their pitch decks.

Founders are wishful in their pitch decks, but that's not the same thing as misrepresenting their intentions.