Casper and Saatva provide a revealing prism to examine the question of whether some companies could do better without venture capital funding, reports Fortune.

All that spending has had another effect: There’s a solid chance you’ve heard of Casper. You’re less likely to recognize the name Saatva. Cofounder Ron Rudzin, a former retail executive, started the company in 2010 with $350,000 of his savings. Extravagant spending makes him nervous. That’s one reason Rudzin has rebuffed interest from investors. He put most of his $30 million marketing budget in 2016 into plain-vanilla Google ads.