If the founder was an A+ and gave it his all, and the investors got as much money back as possible … I don’t think you’re burned at all.
It’s a net negative if the VCs for The Next One are on the fence. B/c, will he miss a single again?
But … if the VCs for the next one are independently excited, it’s a net positive. Yes, it didn’t totally pan out the first time. But she gave it 110% and still got the VCs back 50% of their money. This time, she’ll kill it.