And how do you suppose that Kagi receives the money invested by their users? If you guessed by function of a VC firm, then you guessed right.
These are legal and contractual proceedings, with strict definitions of terms by law, not by popular opinion in the hacker community.
"Underlying motivations" of the investors is never a legal factor in any kind of investment deal. That's not something that can be accounted for by any kind of contract.