Do VCs invest to give companies a "long runway"? Would be news to me, though it does seem plausible. But I'd expect a business strategy of: 1) Invest at a loss

Do VCs invest to give companies a "long runway"? Would be news to me, though it does seem plausible. But I'd expect a business strategy of: 1) Invest at a loss to become #1 2) ? 3) Profit.