No, unless it’s running out of money and goes under.
There are plenty of fairly strong start-ups that just try to raise their Series B (or Series A, whatever) just not quite at the right time.
The revenue is a little light. The burn is a little high. It’s just a little too early. The growth is a smidge too low.
Yes, sometimes, it’s over. Done. That’s it.
But far more often, 3, 6, 9 months later … if they have the runway to get there … they grow into the company they needed to be to raise.
And close the round.