Ask HN: Do investors “blacklist” companies that raise with equity crowdfunding?

I've heard multiple times that VCs and even some angels tend to pass on if not outright blacklist companies that have raised via equity crowdfunding.

The idea is that they see this as a sign that a company could not raise conventionally, has been "over-shopped," etc.

Is this actually true or is it FUD? Not considering equity crowdfunding at the moment, but I've been watching the phenomenon and I'm curious.

Also generally curious if anyone here has done it and how it turned out.