Is it an advantage? Getting investment is a good step towards validation. If you get funded for free, you lose that signal, and might just be extending the runway of your death march.
I'd guess it slightly increases your probability of success, but greatly increases the cost of failure.
It's not only good for the direct money (though that's nice), but also the connections to potential customers, if the source of the money is also well-connected (not all wealthy people are well-connected too, but many are). For example, somewhat famously, Bill Gates's mother served on the board of directors of the United Way at the same time that John Opel, chairman of IBM, also served on that board, which was instrumental in getting the young Bill introduced to the right people.
I'd guess it slightly increases your probability of success, but greatly increases the cost of failure.