$150k sales in 6 months for our mobile app. Direct Competitor raised $3.5M. We've had just as many users and volume as them. Should we keep bootstrapping or start seeking for Venture capital?
To start off with, stop watching what your competitors are getting in terms of funding. Most start ups who get funded will fail, so this is not a worthy measurement.
If your product has sales only consider funding that will help you grow your user base, ie new development, larger marketing area, etc.. The longer you bootstrap the more of the company you will retain. You also need to consider an exist plan before talking with investors as they will want to know how they will get their money back.
I have a company currently working on fundraising for a series A that has been bootstrapped for 2 years. It's a challenge because it's easy to fall into the trap that money will solve all or most of your problems when in fact this is rarely true and often can make the problems worse. Finding that balance is critical, for all you know your competition is currently hating life... Or thinking they are can make you feel better. :-)
Glad to share my experiences if that will help. Best of luck with your app.