BLA raised $23.9m for Vinomofo at $100m val.
$10m went to founders
$10m went to investment in VM
$3.9m went to BLA in fees
They only committed $3m of their own money from BAF into the investment.
Mug Super Funds and unsophisticated investors are punting up funds on the above terms. BLA doing well out of it (unreasonbly IMO) but investors will struggle to make any money back.