One reason not in this post which may influence the decision to raise is how fast the industry you are in is moving. If it's a fast-growing, fast-paced industr

One reason not in this post which may influence the decision to raise is how fast the industry you are in is moving. If it's a fast-growing, fast-paced industry with lots of competitors raising big warchests, raising money may be required to give you resources to sell, scale and generally keep up with the Jones'es. If you're industry is not as quick, competitive, etc, fundraising might not be as requisite. Not the only dimension but an important one.