AUGUST 12 2024

Published in Startup Daily

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A Sydney software platform managing memberships for the world’s leader fitness brands has raised $17.3 million in a Series A from OIF Ventures and Bailador.

Hapana’s platform, a white label CRM solution for membership payments, retention and loyalty, is used by fitness brands such as BFT, KX Pilates, UFC Gym and F45 across 17 countries. It’s used in 1,000 gyms, health clubs, and boutique fitness studios worldwide, processing more than $500 million in payments from a million-plus club members last financial year. The mobile app allows gyms and fitness studios to better engage and communicate with their members.

OIF tipped in $9.6 million into the 12-year-old tech scaleup, alongside $7.7m from ASX-listed Bailador.  It’s the third investment from the OIF Ventures Opportunity Fund and its first net new growth stage deal.

It’s not the first time the two VCs co-invested, having backed Instaclustr together, before the Canberra software startup was acquired by Nasdaq-listed NetApp in 2022, delivering a 14.2x for Bailador.

Hapana previously raised an undisclosed pre-Seed round in 2014 from Lewis Bloch and an undisclosed Seed round in February 2018.

Founder and CEO Jarron Aizen said the fresh capital go towards the launch of a second generation platform and to expand their global footprint.

“These funds will enable us to expand our go-to-market plans in the US and across the APAC region, facilitating the signing of more franchises and independent gyms,” he said.

“Our second-generation platform is designed to build on the strengths of our current technology stack. We’re modernising and streamlining the user experience and importantly, we are adding functionality for large franchise fitness brands. This will provide them with greater visibility and control over their network.

“By expanding our platform to include new payment channels, we are helping these brands enter new markets and scale their locally developed fitness concepts on a global level.”

Bailador cofounder Paul Wilson and OIF’s Kevin Wilson will both join Hapana’s board.

“Hapana has established a great reputation in the large and growing fitness industry,” Paul Wilson said.

“Bailador is backing Jarron and the strong Hapana team to continue executing on their growth in Australia and internationally.”