There's a bunch, but one example would be Morningstar, the mutual fund review company. Other than some small friends and family money at the beginning ($80k), Joe Mansueto never raised any money, until seventeen years after the founding and it was making substantial money already.
This was in part by selling annual subscriptions, so he got cash in advance from each customer. Even though he lost money for a while by accounting rules, he was cash flow positive after a year.
