you said it was hard to manage your friends money because you feel the responsibility of losing their money and you lost it in your previous startup
I am an investor and very aware I can lose it all when I invest, it’s part of the game and it’s most likely
the minute I invest in a startup I consider it lost
I am happy I supported you and you gave me the opportunity even if I lost my money
you should take it easy, it’s the same with all your friends, those who invested in many companies at least
those who invest regularly are used to lose their investment most of the time, and few projects succeed, that’s how investment in startups work
my approach is different than yours
I believe not letting your previous investors who most likely lost their money in your previous investment invest again is the worst thing to do
you’re excluding them, they’re your biggest fans
they won’t be upset you lost their money in the previous one as you showed you tried really hard to make it work, it’s the game
they will, however, be very upset if you don’t give them the opportunity to invest in the new one to have a new opportunity to trust you and make money
you are punishing them while they are your biggest fans, you should not do that
you should give all of your previous investors the opportunity to invest in your new project and fine if they refuse.
If they accept, they can make their money back and most important, keep being your biggest fans again. Not giving them the opportunity is a disaster.
My two cents. And yes they can lose it all again. And that’s fine.