Companies have not failed (those who did),because of the fact that they raised money.
They failed because, they did not know, what actually to do with money, and did all those horrible things.
The mantra should be ABR (Always Be Raising) and be prudent and wise enough to know what to do with it.
With great money, comes great responsibility. The people who don't know this, plunder and go down the hole.
So my dear friend, ABR !