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Hapana, a Sydney-founded fitness studio software platform that manages member accounts at more than 1,000 clubs globally, has raised $17 million in a funding round led by OIF Ventures and Bailador that will go towards increasing its international footprint and launching its next-generation offering.
The Software as a Service (SaaS) company includes the likes of BFT, KX Pilates, STRONG Pilates, Gold's Gym, Club Pilates, F45, FS8, Vaura and Air Locker Training among its customers, and processed more than $500 million in payments in the last financial year.
Founded in 2014, Hapana's story began in Australia but now the technology is used in 17 countries with the company employing more than 80 staff.
Hapana’s technology manages memberships, retention and loyalty, classes, billings, marketing and digital content for gyms and boutique fitness studios, providing them with the rich data features and real-time performance data.
The product operates as a white label solution, allowing its customers to keep their fitness brand front and centre when engaging with their members.
Hapana CEO and founder Jarron Aizen says the funds will enable the company to expand its go-to-market plans in the US and across the Asia-Pacific (APAC) region, facilitating the signing of more franchises and independent gyms.
"By providing these businesses with a holistic technology solution, we allow them to focus on what they do best, helping their clients achieve their fitness goals," Aizen says.
"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. This initiative aligns with our primary goal for Hapana: to serve as a launchpad for global fitness brands."
Following the latest round, the company has raised $22.8 million to date including $5.8 million from high net worth individuals and family offices.
OIF Ventures partner Kevin Wilson, whose company is investing $9.6 million in the raise, says that Hapana's "robust product roadmap" will further enhance its offerings and accelerate growth.
"We have been closely following Hapana's journey and are deeply impressed with their execution and commitment to becoming the leading fitness management software for premium health and wellness clubs worldwide," he says.
"During our diligence process, we spoke with numerous Hapana customers and consistently heard about the positive impact of their innovative solutions.
"We are thrilled to support Jarron and his exceptional team as they embark on the next phase of their journey."
Bailador is tipping in $7.7 million into the raise, and its co-founder Paul Wilson will join the Hapana board.
"Hapana has established a great reputation in the large and growing fitness industry," says Paul Wilson.
"Bailador is backing Jarron and the strong Hapana team to continue executing on their growth in Australia and internationally."
Bailador and OIF Ventures previously co-invested alongside each other in Instaclustr, which Bailador claims was a very successful investment that it exited in May 2022 for a 14.2x multiple on invested capital and at an 80 per cent internal rate of return.
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