Because Kagi is not a publicly traded company, where anybody can invest.

They raised money in the form of SAFE notes, in which case a venture capital firm is created (you can also call it a legal entity or a juridical person) and each investor owns a part of that firm in proportion to the money they invest. That firm in turn will have a contract with the startup company which details and regulates how the invested funds in the future can be transformed to actual shares.

Thanks for the insight. But that's not how most people understand the term "VC money". So while you might be technically right, you are still (intentionally?) missing the point.