I read your question not about valuation but about control and fear of loss of control.

So it Less about equity % and more about provisions and type of equity. That is you could own 1% but have control of majority of voting shares.
Also provisions can be structured that say "if this than this". That is "if the business is bleeding more or not hitting # for x period or or or ...then capital partners have rights to take controlling vote"

Money in will want assurances to take actions if things aren't going the mid and long term direction it needs (they should know short term varies). When you take invested capital especially from professional money, VC, they have to be responsible for that money as it's often not theirs. When you take money you have decided to take a partner in your asset.