In most cases, perhaps it’s more likely to be growth/burn led.
Took angel money ($360K), now burning $20K/m, runway to death is 18months or less.
At 16 months, *phew*, raised seed ($800K), now burning $40K/m, death is 20 months.
At 18 months, *that was close*, raised Series-A ($3M), now burning $150K/m, runway to death is 20 months.
Rinse/repeat. Once you’re on the treadmill, very hard to get off.
The profitable, sustainable, model *before* raising significant capital offers much more leverage to the founders.