Fab raises another $10 million and sets sights on Asian markets

The only reason I posted this article is because it appeared on my Twitter feed an hour after I saw "Fab lays off 100 employees in Europe".

Can someone please explain to me how and why on earth this company a) raised a $150M Series-D in June, b) another round of $10M today, c) total capital of $320M when they are not even profitable (read: losing money)

What kind of crack are VC's smoking? Is this another company that will disappear into the void? Another Amazon or Ikea? What?

Not a rant, just genuinely dumbfounded.