The number of employees does not correlate to positive management function. In fact, it's usually the inverse. The faster and larger the company grows, the more dysfunctional it becomes by hiring into the organization culture mismatch, internal promotion of incompetent managers. The sheer number of decision makers causes indecision (ironic). The lack of direction comes from going too many directions at the same time.
Meanwhile, investors reward the company for "traction" and regardless investors both private and in the public markets reward growth at whatever expense and first-mover / big-mover advantages.
The sweet spot are those financially stable, slowth growth companies with enough employees so that people aren't worn too thin but not too many that the wheels are coming off. Often that's around 100-300 or so, could be less a bit more.