Hapana: Behind Raising at a Higher Valuation

Summary

Scale Ventures was introduced to Hapana by OIF Ventures and embedded alongside the founder and CFO to build the financial infrastructure behind a US capital raise. The round closed at $7.25m, at a valuation well ahead of where the business had raised before.

How The Engagement Started

OlF introduced Scale Ventures to the CEO Jarron Aizen, and all of us spent a couple of sessions whiteboarding. Two things were scrawled on the board: how to scale the finance function as the business kept growing, and how to measure and articulate the drivers underneath that growth in a way investors focus on.

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The Business

Hapana is an end to end member management and transaction platform for studios, gyms and franchises, used by brands including Gold's Gym, UFC Gym, STRONG Pilates and KX Pilates across 17 countries. The business was growing well, was well positioned in its market, and was preparing for a capital raise to fund its US push and next generation platform.

The shape was familiar for a founder at this point: the finance team was running the BAU, but the pace of growth had stretched the bandwidth for the strategic elements that attract high quality investors.

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What We Did

Scale Ventures sat alongside Jarron, the CFO and OlF for the duration of the work, linking closely with Bailador too. We rebuilt the driver based financial picture to focus on value drivers from the ground up: customers, sites per customer, revenue categories, payment throughput, international expansion, cohort economics. The materials were transaction grade and structured for the diligence. We built the metrics pack, the model and the supporting materials Jarron used through his investor conversations and for board reporting.

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