"What can we do to grow our user base? Is it simply more advertising?"
At this stage, I would say no to more advertising. It sounds like you have bigger concerns at the moment than generating traffic.
"Is it worth seeking a PR firm, and if so, any recommendations?"
I don't think so - same reason as previous answer.
"Is it worth seeking venture capital for any reasons?"
I don't think so - same reason as previous answer.
If you generated traffic without active users, it seems that you have one or both of the following problems: Either your site does not have a compelling value proposition or your landing pages (if you are even using any) are ineffective. For the moment, let's assume the problem is not the value proposition because the answer would be simple (i.e. abandon hope). Let's assume the problem is poor landing pages. Here are some suggestions for optimizing them:
Create pages with compelling headlines. Focus on creating a vision for the audience that allows them to see how much better off they will be after taking the action you want them to take. Be sure to include one of the seven fascination triggers in your headline (lust, vice, alarm, power, prestige, mystique or trust).
Connect with the audience. Build off of your headline by showing the audience that you can identify and empathize with their plight. People want to buy from people who are more like themselves.
Clearly define your offer. Tell the customer exactly what they will get in exchange for their lead information (preferably no more than an email). Don't get cute here - be extremely concise with your language and don't hide anything.
Provide testimonials. If people have made it this far, a powerful testimonial can seal the deal. Social proof is a vital aspect of the buying process.
Dispel their fears. Try to anticipate the buyers' reservations and address them head on. For example, tell them it won't take as much time as they may think or won't be as risky as they may fear. Making the offer completely risk-free (e.g. money back guarantee) is another way to accomplish this.