I roughly agree with your sentiments. I am currently a Stripe customer, but if I wasn't this funding would make me think twice about doing biz with them. That sort of money creates all sorts of perverse incentives. For these reasons, we looked at Zenefits, and ended up going with the someone else. People there just have not perspective and no real reason to place value on the customer when they have money to burn.

The counter-example is Github. They took $100MM from AH which they did not need. Fortunately, from the customer's perspective the product has not suffered. That being said, they have had some internal management issues that I suspect they would not have had if they didn't have money to burn.