Sydney, Australia – Bailador Technology Investments (ASX:BTI) has announced a significant revaluation of its stake in fitness technology company Hapana, marking a 50% increase in its carrying value. The uplift reflects Hapana’s robust operating performance and successful global expansion since Bailador’s initial investment in August 2024.
The valuation of Hapana in Bailador’s portfolio has risen from $7.7 million to $11.6 million, representing an increase of $3.9 million. This positive adjustment contributes $0.026 per share to Bailador’s pre-tax Net Tangible Assets (NTA). The announcement was part of Bailador’s June 2025 portfolio valuation update, which also saw valuation increases for other portfolio companies like Updoc and Access Telehealth.
Hapana’s Impressive Growth Trajectory Fuels Valuation Boost
Hapana, an innovative end-to-end software platform for the fitness and wellness sector, has demonstrated exceptional growth since Bailador’s investment. The company provides comprehensive management solutions for gyms, fitness studios, and franchises, covering essential functions such as memberships, payments, customer retention, and loyalty programs.
Key drivers behind the revaluation include Hapana’s high revenue growth, strong unit economics, and increasing traction in international markets. The platform has successfully secured major global customers, validating Bailador’s initial investment thesis.
Hapana’s technology operates as a white-label solution, enabling its clients to maintain their brand identity while leveraging a powerful and scalable platform. The company boasts a significant global footprint, serving over 1,000 businesses across 17 countries. Hapana’s platform currently processes an impressive 2.5 million check-ins monthly and is projected to process $1 billion in payments throughout calendar year 2025.
Initial Investment and Strategic Partnership
Bailador Technology Investments initially injected $7.7 million into Hapana in August 2024 as part of a larger $17 million funding round. This round was co-led by Bailador and OIF Ventures, demonstrating strong investor confidence in Hapana’s market potential. At the time of the initial investment, Bailador highlighted Hapana’s high-quality founder and executive team, along with its operation in a large and rapidly expanding fitness software market.
Broader Portfolio Performance and Outlook
The significant uplift in Hapana’s valuation is a key highlight in Bailador’s recent portfolio update. While Hapana, Updoc (up 24%), and Access Telehealth (up 20.8%) experienced positive revaluations, the carrying value of another investment, Nosto, saw a decrease of 63%.
Collectively, these revaluations contributed an increase of $0.093 per share to Bailador’s pre-tax NTA. David Kirk, Co-founder and Managing Partner of Bailador, commented on the strong performance of the company’s private investments, stating that the private portfolio is expected to generate a gross return of 32.8% for the fiscal year 2025.
Bailador Technology Investments continues to focus on high-growth, private technology businesses with scalable models and global addressable markets, reinforcing its commitment to delivering shareholder value through its disciplined investment strategy. The strong performance of companies like Hapana underscores the potential within Bailador’s specialized technology investment portfolio.
