In all fairness, there's nothing wrong with raising $41 million dollars if you're not burning through it. Color Labs could be stashing all that money in a mattress somewhere. Also, the founders of Color Labs have a history of extremely profitable exits (LaLa, Onebox, Photobucket, etc).
As I said, its too early to tell, especially with all the talent at Color Labs. Most of us might be wrong about their product.
Regarding those 41 million dollars, VCs invest to make a profit.