At my previous company, we had finally become profitable and no longer needed to raise money – that’s when we got a term sheet for funding.
Because we had a term sheet in hand, we didn’t have to sell the company – that’s when the acquisition offer came in.
So, based on my personal experience, I can say what they’ve been saying is all true: the companies that raise money are the ones that don’t have to raise money, and the companies that get acquired are the ones that don’t have to sell.