Tech-centric Bailador delivers strong FY25
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
26 minutes ago
- ABC News
Glenelg trams are out of action amid Adelaide overpass work. Here's what to expect
Adelaide's Glenelg tramline has been closed to allow for major upgrade works, including construction of three new overpasses. Two of those will remove the need for level crossings, reducing early morning commuting times, while a third will replace an existing overpass that is barely 15 years old. The $870 million works — which will take up to six months — are being jointly funded by the state and federal governments, the transport minister says. A local MP has advised commuters along the line to expect a "little bit of pain for a lot of gain" — but while some have welcomed long-term benefits, others have voiced concern about short-term business impact. Here's a look at what to expect. The new overpasses are being constructed at Plympton, Morphettville and Glandore. The first of those will take trams over two main roads — Marion and Cross — while the second will go above Morphett Road, removing the need for level crossings at those locations. The third bridge will replace the existing one above South Road. According to the Department for Infrastructure and Transport, that overpass — which was reportedly completed just before the 2010 election at a cost of $30 million, and later suffered structural damage — needs to be replaced as part of the Torrens to Darlington project. "Our grid network is failing," Transport Minister Tom Koutsantonis said. "Anyone who's on Morphett Road, on Brighton Road, on South Road or Marion Road, and Cross Road, stuck at these intersections, or just on the North-South Corridor, is seeing traffic grind to a halt because we are the last capital city to operate on a grid network. "We need to operate on a non-stop corridor network." While works are carried out, speed and other traffic restrictions will be in effect. Roads will be closed at various times, and "detours will also be implemented as necessary throughout the construction program", the department's website states. The government said, when complete, the works would make the transport system run "a lot more smoothly". It said that, at Marion Road and Cross Road, approximately 50,000 vehicles a day were delayed by boom gates that "impact traffic flow for up to 20 minutes each hour" during peak times. "I can't honestly tell you that my community isn't just a bit sad about the fact we're going to be losing our trams for the next six months," said government MP Jayne Stinson. "[But] there will be a little bit of pain for a lot of gain." The tramline will be closed between Adelaide's CBD and Glenelg until late January, when services are expected to resume "in time for the return of school", the government said. Over the next few months, trams will continue to operate between South Terrace, in the city, and the Entertainment Centre and Botanic Garden. Substitute buses will operate along Anzac Highway and between Moseley Square at Glenelg and Victoria Square in the city. The transport minister said the substitute timetable would "mirror" as closely as possible the tram schedule. "Extra buses are being put into the fleet," he said. "People who catch the tram who live along the corridor might not want to catch a bus but we're putting everything in place that we possibly can." Mr Koutsantonis said the substitute service trips should not take "that much longer". "But look — you're never going to beat a tram," he said. "The reason fixed rail is so popular with people is that they don't have to be waiting at intersections." Traders along Jetty Road at Glenelg are facing a double whammy: the line closure is overlapping with works along the major shopping strip. "It brings customers, the tram, and closing a road down … just doesn't seem to make, really, sense," said local shop worker Arshia Ghayem. "We could do, like, two months maybe but six months they said it's going to be for the tram, which is going to be pretty hectic, having that financial period of reduced customer travel." Opposition MP Stephen Patterson, whose electorate includes Glenelg, said there was "real concern" among local businesses. "The tram … is really a vital artery for economic activity here in Glenelg," he said. "There absolutely needs to be financial support for these businesses — in terms of really marketing, and telling the wider community, that Jetty Road is open for business." Mr Koutsantonis said traders had "been hit by a perfect storm", but said they would ultimately benefit. "We're spending $870 million to make sure that that tram network can get people there faster, so in the end it'll be a very good outcome for the traders," he said. Local business operator Melanie Tomblin is not preparing for a significant adverse impact. "We have a lot of tourists that come down on the tram," she said. "But Glenelg's fairly accessible. I feel like there are other ways to get down to Glenelg, it's just the tram is so iconic."
News.com.au
26 minutes ago
- News.com.au
Kristie Batten: Elevate hits milestone as uranium pilot plant sets sail
One of Australia's top mining journalists, Kristie Batten, writes for Stockhead every week in her regular column placing a watchful eye on the movers and shakers of the small cap resources scene. Elevate Uranium (ASX:EL8) is one step closer to proving up its patented U-pgrade beneficiation technology on a larger scale. Under the supervision of Elevate's senior metallurgist Andrew Jones, and with the assistance of Fremantle Metallurgy, the company built its first U-pgrade pilot plant. The completion of the fabrication and assembly of the plant was celebrated in Perth last week with a champagne toast. 'For many years, we've dreamt about it, and now the time has finally arrived,' Elevate managing director Murray Hill said during the event. The U-pgrade was designed to upgrade surficial uranium ores and was developed on ore from Elevate's Marenica uranium project in Namibia. Testwork completed to date has shown the technology concentrated the uranium by a factor of 50 and increased Marenica's ore grade from 93 parts per million uranium oxide to around 5000ppm. The technology has the potential to reduce operating and capital costs by around 50% when compared to conventional processing. 'The whole process of U-pgrade is not about concentrating uranium. It's about concentrating the gangue minerals and throwing them away, so that makes it counterintuitive,' Hill said. 'Hence, patentable, which is why we've got three patents around the world. 'The Chinese are very good at reverse engineering pieces of kit, but they can't reverse engineer a process like this, because of the know-how that we've established over a long period of time.' The plant is being packed up to be shipped to Namibia this week. It is expected to arrive there in October, where it will be assembled on site. Jones will be close behind, relocating his family to Namibia for six months to oversee the process. Hill said Jones had designed the plant to be flexible for different ore sources. The trial, which will process at least 60 tonnes of uranium material, is designed to de-risk the process prior to commercialisation. The results from operation of the plant are expected to confirm production of a low-mass high-grade concentrate, which will be used to inform design of a full-scale commercial U-pgrade plant. 'We hope to be one of the most prepared companies leading into design of a full-scale plant than anybody else, because we've set ourselves up for it,' Hill said. Uranium deposits advancing Alongside the pilot plant work, Elevate will also kick off a study on its Koppies uranium discovery in Namibia, one of the world's premier addresses for uranium development projects. Paladin Energy's operating Langer Heinrich mine and Deep Yellow's shovel-ready Tumas deposit are within 35km of Koppies. The company believes the U-pgrade process could significantly reduce Koppies' capital costs, relative to other uranium projects in Namibia as it has the potential to process more of the ore and lower the strip ratio. The Koppies project has a resource of 66.1 million pounds of uranium grading 192ppm. Half of the resource is within 7m of surface, with 95% within 18.5m, which will make it very cheap to mine. 'Forget about ISR – just get your shovel and your wheelbarrow and start digging,' Hill said. It also makes exploration cheap, with each drill hole only costing around $1000 each. While Elevate is well-funded with $21.7 million in the bank at the end of June, the cheap, shallow drilling allows it to run multiple rigs in Namibia while advancing studies. That strategy has resulted in four discoveries in Namibia since 2019, two of which are in resource. A high priority for exploration for the company is the Namib IV prospect, which is 10km from the southern portion of the Koppies resource. Intersections have included 1m at 300ppm uranium oxide from 1m; 1.5m at 730ppm from 5.5m; 3m at 606ppm from 3m; and 3.5m at 202ppm from 3m. Exploration to date has identified a mineralised area spanning 11km by 7.5km. Further step-out drilling is planned during this quarter to try to expand that boundary. Drilling to establish a maiden resource will kick off later this year. Elevate was also recently awarded a $112,000 grant to drill its Angela uranium project in the Northern Territory, which has an existing resource of 31Mlb at 1310ppm uranium oxide. The grant will be used to drill three new targets in September and October.
News.com.au
an hour ago
- News.com.au
Hope grows as cannabis contender enters the Rett syndrome fight
Rett syndrome is rare but relentless Neuren struck biotech gold with Daybue Neurotech brings cannabis to the fight Rett syndrome is the kind of diagnosis that hits hard and lingers long. It affects around one in 10,000 girls, and typically appears after what seems like a normal start to life. Then comes the regression - loss of speech, hand skills, mobility - followed by the onset of seizures, bone fragility, gut issues, scoliosis and, often, a haunting silence that replaces early babble. It's caused by mutations in the MECP2 gene, which plays a crucial role in brain development. While it's classed as rare, the ripple effects through families are enormous. Sleep disturbances are common. Breathing irregularities, like breath-holding spells, can leave caregivers powerless. And while most girls survive into adulthood, it's with round-the-clock support and complex medical needs. AussieRett and InterRett studies Professor Helen Leonard, principal research fellow at the Kids Research Institute, has spent decades studying the condition. Leonard's long-running AussieRett and InterRett studies have helped establish how Rett symptoms evolve over time, and her team has also created global care guidelines for things like nutrition, scoliosis and bone health. 'Rett syndrome is an unusual condition in that it mainly affects girls who, following a period of apparent normal development, gradually show signs of regression," she told Stockhead. "Between the ages of 6 and 18 months they lose skills, particularly in relation to hand function and communication. 'As well as loss of hand function, these individuals develop unusual patterns of hand movements, such as hand-wringing or clapping known as stereotypies." Neuren's moonshot moment Until recently, there was no approved treatment for Rett, only a patchwork of management strategies and hope. That changed when ASX-listed Neuren Pharmaceuticals (ASX:NEU) struck gold with its drug trofinetide, now marketed as DAYBUE in the US. Approved by the FDA in March 2023, DAYBUE became the first and only drug for Rett syndrome, unlocking a commercial windfall for Neuren. Since 2019, Neuren's stock has surged over 1,200%, and the company now commands a $2 billion market cap. Thanks to a savvy licensing deal with Acadia Pharmaceuticals, Neuren pockets royalties and milestone payments with no royalty outgoings - every dollar drops to the bottom line. 'The FDA approval of trofinetide for Rett syndrome is very exciting, and represents the first ever treatment for the disorder,' said Leonard. For investors, it was a reminder that rare paediatric disorders, long overlooked, are now a serious biotech frontier. And that's where Neurotech (ASX:NTI) enters the frame, with a somewhat different approach. Cannabis steps into the ring Neurotech's lead therapy, NTI164, is a full-spectrum cannabis extract containing a cocktail of cannabinoids like CBDA, CBC and CBN. But it only contains 0.08% THC, meaning it's non-intoxicating and suitable for children. The company recently published results from its Phase I/II study in the Journal of Paediatrics and Child Health. This report shows the therapy was well tolerated and offered signs of clinical improvement across neurological, behavioural and functional domains. The drug's unique formulation is designed to reduce neuroinflammation, support synaptic function and modulate glial cells - factors believed to play a key role in Rett's progression. NTI164 is gaining traction internationally. It's already secured Orphan Drug Designation (ODD) in the US and European Union. This unlocks a range of incentives, including market exclusivity, reduced regulatory fees and access to research funding. It's the kind of support that can help fast-track rare-disease drugs through the system. Meanwhile, data from the same study was presented by lead investigator Professor Carolyn Ellaway at the World Rett Syndrome Congress. That put NTI164 front and centre in a growing global conversation about next-gen Rett treatments. Caution, hope and next steps Research into cannabis for Rett is still early, and Leonard urges caution when interpreting results from small, open-label trials. 'I think that we need a larger national double-blind placebo-controlled study before making any judgement,' she said. 'I would hope that this would use an alternative outcome measure to the RSBQ.' Her research has shown that Rett's behavioural symptoms - like those measured by the RSBQ - tend to decrease with age; unlike its clinical severity, which often worsens. That disconnect, she believes, can muddy trial results, and partially explains why she urges a broader toolkit for measuring impact in future studies. Still, she acknowledged that apart from the Rett Syndrome Symptom Severity (RTT-SIS) scale, some of the other measures used in the NTI164 study 'were showing positive changes'. She's not easily swayed by early signals but she recognises momentum when it's building. And regulators seem to agree. A closer look under NTI's hood From a clinical standpoint, NTI164 is ticking key boxes. Its pharmacokinetic (PK) data shows rapid absorption, minimal THC exposure and consistent dosing with no cannabinoid build-up - making it suitable for chronic paediatric use. NTI164 has also shown promising results in other paediatric neurological conditions like autism and PANDAS/PANS, potentially supporting its use in Rett by building a broader safety and efficacy profile. Perhaps most notably, its primary cannabinoid, CBDA, doesn't just convert into CBD like many assume. It appears to act directly on the brain, interacting with receptors linked to mood and inflammation. That matters because Rett isn't just neurological, it's deeply inflammatory. 'The clear validation of systemic stability, safety and targeted therapeutic action highlights NTI164's potential as a disease-modifying therapy,' said Neurotech CEO, Dr Anthony Filippis. Whether that turns into a commercial home run is still to be seen, but NTI164 has already demonstrated solid safety and early signs of symptom relief. In Rett, that bar is high. So are expectations. And that's what makes Neurotech's path an interesting one to watch. At Stockhead we tell it like it is. While Neurotech is a Stockhead advertiser, it did not sponsor this article.
