Businesses need capital for a variety of reasons. CapEx, money to buy growth where CLTV>CAC but CAC is still a big number, or maybe your competitor just raised a 30MM and you don’t want to get crushed when they operate at a loss to drive out smaller players, maybe you need to hire a sales team, etc.

It’s not a personal decision to raise or not. It’s dictated by the competition you’re facing.