I don't buy that not raising money slows growth. Your growth is a factor of finding product market fit. Fast growing companies are not doing it because they spent millions on a super bowl add- they are not buying growth (and when they do it turns out to not be real, and thus you end up with the situation like groupon)

Fast growth is about finding a product that resonates with the market and leveraging that.

That takes time and attention-- not money.

And what do you give up when you chase VC money? The time and attention of the CEO who should be the one finding that product market fit opportunity!