I really don't think that's what he's saying. When companies have a lot of capital at their disposal they tend to make more wasteful decisions. Dump money into poorly optimized Facebook ads or pay over-priced PR firms. We see this all the time.

There is a certain scrappiness that comes with being a bootstrapped startup. Your ad budget is $0 and you have to come up with creative ways to generate buzz. The struggles end up forming a foundation and culture for a much stronger company in the long run.

So he isn't raising capital so he can penny pinch his employees. He's not raising capital so his employees can be a part of a business that will be around in 3 years.