Going out an raising an initial metric boat load of capital seems to fly in the face of modern convention for pure digital services. Notable exceptions seem to be businesses where a high capez model is repeatable geographic basis (ride sharing, scooters, food deliver, rental spaces). Considering how quickly the competition in those spaces need to scale, and the winner-take-all dynamics, it seems natural that that path would exist.
For the majority of us though, purgatory might also be “I raised too much to be a billion but I have a nice 100M company” and thats just dandy.