[andruby]

There might be a few (debatable) counter-examples: 37 signals, balsamiq, zoho?

Afaik they never took any (serious) VC money.

[ngrilly]

I was referring to the case where the founders and investors sell the startup to larger company. Of course, if they don't sell, and the company stays founder-led, the outcome is often better. I didn't know Zoho never took (serious) VC money.