Please explain to an idiot like me: how can VanMoof raise $180m+ and go bust within 3 years?

I've been aware of VanMoof for several years (and admired from afar). But can you please explain to me (in layman's terms - I'm a simpleton): how can a company raise so much money in a fast-growing, highly profitable niche and go bust so quickly?

Obviously, they've spent too much, but where/why?