Yup, that's what I was thinking about. It was brought to my attention by @idlewords. From the article that is probably the most linked thing in comments this year, [0].
Take the case of Quora. Quora is a question-answering website. You type a question and a domain expert might answer it for you.
Quora's declared competitor is Wikipedia, a free site that not only doesn't make revenue, but loses so much money they have to ask for donations just to be broke.
Recently, Quora raised $80 million in new funding at a $900 million valuation. Their stated reason for taking the money was to postpone having to think about revenue.
Quora walked in to an investor meeting, stated these facts as plainly as I have, and walked out with a check for eighty million dollars.
Found this while Googling for Quora's valuation: http://techcrunch.com/2014/04/09/quora-forever/