VC Funded companies seeing more churn than bootstrapped companies?

Something very interesting caught my eye today while I was going through an article on Profitwell's blog.

VC Funded SaaS companies at early stage saw 20 - 30% higher churn rate compared to bootstrapped companies.

Is it coz of companies becoming complacent post funding and not optimizing for churn or is there a strong sense of loyalty that bootstrappers build with audience that VC funded companies are missing?

What are your thoughts?

Here’s the full article link
https://www.profitwell.com/recur/all/churn-benchmarks-mrr-churn-reduce-churn