investors will loss their trust if developers team decided to run multiple ico.we have multiple opinion with their decision why collecting money again ,first round investors will be very disappointed more over if developers team didnt reach roadmap at all. ,they affraid market will have different response with developers team thinking.i am sure if it happen ,they were mismanaged fund from 1st ico.
But the reason they held multiple ICOs in addition to being afraid was because the funds obtained were not enough and on the other hand to get the maximum funds. Of course, if investors in the first round will get a big bonus or discount and give bonuses for each round