I work at a profitable product startup that has managed to avoid raising series A. As long as we can maintain the level of growth (which is honestly close to breakneck with integration work for each customer site) I think it's feasible to avoid raising/diluting while continue to grow but it's not the easiest experience I've had. Lots of blood sweat and tears, particularly from one of the founders.

I know some people might think the payout could be better raising series A and hiring to support growth as is the more common road. The founders are going a different route and so far it's going well. We can hire when we need to so not to worried there. I don't know if this is a weird case?