Bad startup raising lots of money

You see a startup: 6 years since launch. 4 founders, 40 employees. €250k ARR expected to go to 400k. Raised 1.4M 14 months away. Now raising 5M. What do say from this? They have a burn rate of more than 100k/month, and have a easy to replicate SaaS. How could investors continue investing? What am I missing?