I'd argue that if you're running a internet based company you do need some growth regardless of what you've raised or not raised. Someone is always trying to cut into your business and if you sit back and ignore everything growth related you will eventually be in a worse position.(Besides competition you do also have other things to consider like every year employees need raises, etc).

What you really gain by not raising capital is freedom to pursue a less risky operating approach and a lower bar for a positive outcome.