"Optimizing for happiness" seems like a hard idea to argue against. The author defines happiness as:
"I'm a hacker; I'm happy when I'm building things of value, not when I'm writing a business plan filled with make believe numbers."
That's a pretty narrow definition. The rest of the article implies that what the author really means by happiness is freedom and lack of stress. He writes:
"When there are fewer potentially catastrophic events on the horizon, you'll find yourself smiling a lot more often."
That's actually an argument against doing a startup at all. Startups are extremely stressful and freedom-limiting endeavors. Servers crash in the middle of the night. Smart people launch competitive products that try to kill yours. Users get pissed at you for removing their favorite feature. In my experience there are always catastrophic events on the horizon in a startup.
Personally, I try to optimize for things like excitement, challenge, personal development, impact, and fun. Raising a VC round may or may not contribute to these, depending on a lot of things.