Tech-centric Bailador delivers standout FY25 with strong returns and strategic growth

Tech-centric capital fund Bailador Technology Investments delivers standout FY25, driven by strategic capital deployment and strong growth across its private portfolio.

After a strong FY25 BTI says it’s positioned for further growth in FY26. Pic via Getty Images.

• Bailador reports strong FY25 with private portfolio companies delivering 33% IRR

• Six out of nine Bailador private portfolio companies achieved significant valuation uplifts

• Deployed $40.8m in strategic new and follow-on investments in FY25, positioning for long-term growth

Special Report: Tech-centric capital fund Bailador Technology Investments recorded a standout FY25, marked by strategic capital deployment and strong growth across its private portfolio.

Bailador Technology Investments (ASX:BTI) reported a 33% internal rate of return (IRR) in FY25 from its private portfolio companies with six of nine companies achieving significant valuation uplifts.

With $40.8 million invested in new and follow-on deals and fully franked dividends of 7.1 cents paid to shareholders in FY25, Bailador co-founder David Kirk said it was well-positioned for continued momentum into FY26.

“The past 12 months have been defined by exceptional portfolio performance, new investments and the successful execution of our growth investment thesis,” he said.

Kirk said the three key themes of strong IRR, targeted deployment of capital and dividend returns to shareholders had driven its success in FY25.

Private portfolio drives performance, Updoc value increases 86%

Private company investments were standout performers of FY25, he said, demonstrating the quality of its investment selection and strength of the technology sectors targeted.

“Updoc, the digital health platform we invested in in May 2024 has been a standout performer.

“Updoc has increased in value 86% ($17.2m) since we invested.

“We wrote Updoc up by 50% in December 2024 and another 24% in June 2025.”

BTI reported a 59% uplift in the equity value of its investment in financial advice and investment management platform DASH.

The company invested $30m in DASH in June 2024, including $25m in equity and $5m in debt.

“This uplift was in line with the latest capital raising price secured by DASH,” Kirk said.

He said Dash’s successful acquisition and integration of Integrated Portfolio Solutions (IPS) increased funds under administration from $4 billion to $17bn.

“The business delivered 50% revenue growth in H1 FY25.

“New partnerships with Stockspot, Pearler and an ASX 50 financial services business validate DASH's product leadership and provide scalable distribution channels.”

Valuations of other investments also up

The valuation of another private portfolio company Access Telehealth was increased by 20.8% ($5.5m) in June.

“The valuation increase followed robust revenue growth over the preceding 12 months and Access Telehealth delivering run rate profitability at the end of FY25,” Kirk said.

BTI’s investment in Hapana increased in value by 50% ($3.9m) since its investment in August 2024.

The investment has accelerated the high-growth fitness studio management software’s international expansion.

“Since that time Hapana has shown continued high revenue growth and strong unit economics,” Kirk said.

“We are pleased to report Hapana is successfully winning major global customers.

Hapana secured major partnerships including powering Fitstop's ambitious US expansion strategy.

BTI increased the value of its investment in Mosh by 33% ($2.5m) in December 2024 following a strong year of revenue growth by the business.

Mosh is a digital healthcare service focused on men's health across hair loss, weight management, sexual and mental health.

“The management team has executed well in the competitive digital healthcare space,” Kirk said.

The company also increased the value of Rosterfy by 14% ($1.7m) in October 2024 at the same time it completed a follow-on investment.

Rosterfy provides volunteer and workforce management software to not-for-profit organisations, government volunteering bodies and mass-scale sporting and other events.

“We were pleased to see OIF also invest at the same valuation in December 2024,” Kirk said.

Strategic realisations and minimal exposure cushion market challenges

He noted that in June, BTI wrote its investment in Nosto down by 63% ($2.7m) following softer trading performance.

“Nosto is a small portion of our portfolio and after this write down, represents less than 1% of the portfolio.”.

Nosto is a software company specialising in AI-powered personalisation for e-commerce.

The performance of its two public positions was also somewhat muted in the financial year.

The share price in hotel bookings platform SiteMinder (ASX:SDR) fell 13% YoY.  However, Kirk said its $20m realisation in November 2024 at a price 31% above the June 2024 price crystallised some H1 FY25 gains and limited decline YoY to 5% ($4.4m).

The share price in language tech company Straker (ASX:STG) declined 19% ($800,000) in FY25.

Strategic capital deployment creates future value

Kirk said BTI’s disciplined approach to capital allocation had positioned the portfolio for continued strong performance.

“We remain confident in our ability to identify and partner with high-quality growth companies at attractive valuations.”

BTI invested $12.5m in an AI-enabled property investment platform PropHero in February 2025 using predictive AI models to aggregate data and tailor investment property recommendations.

“PropHero is delivering very strong revenue growth and we are pleased with progress since our investment,” Kirk said.

Its follow-on investments in established portfolio companies, he said, demonstrated its commitment to supporting high-performing businesses through their growth phases.

Source: BTI

Committed to shareholder returns

Bailador distributed 7.1 cents to shareholders in fully franked dividends during FY25.

“Our total shareholder return for FY25 from dividend payments (grossed up for franking credits) and capital appreciation was 8.4%,” Kirk said.

“This return is after tax and all fees.

“We expect continued strong growth from our private portfolio in FY26 and further progress and growth from our large position in publicly listed SiteMinder.”

This article was developed in collaboration with Bailador Technology Investments, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Tech-centric Bailador delivers standout FY25 with strong returns and strategic growth