While if a project can raise that amount and still end up applying to be listed in worthless exchanges then such projects aren't won't investing in because the developers are greedy and not smart enough to understanding the altcoin marke. It is a very competitive market and once they hype lives your project due to bad exchange listing it takes another major publicity awareness (which will cost you more money) for it to get back on track but if a quality exchange was engaged in the first place then the hype towards the project would had still be there and cost the project less fund for creating awareness towards the project.