This is a good hypothesis but I see two problems with it. !) I've almost never seen a case where a company could raise a decent Series A and has chosen not to.

This is a good hypothesis but I see two problems with it. !) I've almost never seen a case where a company could raise a decent Series A and has chosen not to. Theres a lot of validation and peer pressure towards doing so. 2) Just because you are profitable does not mean you have the money needed to fuel growth. Lots of profitable companies raise Series A. Its actually the preferred way for founders to do it.