Are 5 co-founders too much when raising funds?
It will be a flag.
My very tough recommendation: maybe have 2, or 3 max, of the founders be the “C-level founders” going forward. Clean up your org chart so only 2 are C-level executives. The others can have their equity, etc. but ‘demote’ them from the C-level. 2 founders running the company is great. 5 scares most investors off.
This may create some tough conversations. But it will also clean-up the company for most VC firms to invest.