+1 to Tom Williams answer.

As with anything, there are pros and cons. The pros are obvious:
- access to a lot more money to help you scale, hire and acquire more customers
- someone who can open doors and make key introductions for you (smart money). Who you raise from is often a lot more important than how much you raise.
- more credibility when dealing with journalists, potential customers or partners, and in convincing rockstar employees to join your company

The cons:
- Loss of control (although this isn't usually as bad as it's made out if your interests are aligned - ie an exit in 3-5 years)
- Raising money is time-consuming and distracting. It can often take 6 months, and it's a full-time job the whole time. What is the opportunity cost of those 6 months? Would you be better off spending that time finding more customers?

Without knowing the specifics of your business it's hard to offer any tailored advice. Some businesses have a long path to revenue because they have to build massive scale before they can monetise. Other businesses are in a new industry, where it's a landgrab situation, and they need to raise money to dominate the space before their competitors do.

On the other hand, if you're in a mature market with lots of competitors and already have enough paying customers to be cash flow positive, sometimes raising investment is not that helpful at all.