Why does a startup fail after raising MILLIONS?

For someone outside the startup ecosystem, the amounts of money Startups raise just seem obscene. Some companies (Uber, WeWork) raise BILLIONS. Even smaller companies deal with rounds in the millions of dollars, and valuations in the hundreds of millions. Why do investors put so much money in these tech startups?  --- Support this podcast: https://podcasters.spotify.com/pod/show/slidebean/support