ASX-listed venture fund Bailador Technology Investments has increased the valuations on stakes in two key portfolio companies, Updoc and PropHero, with the latter rising 45.6% in just 10 months.
Bailador (ASX:BTI) tipped $12.5 million into real estate investment proptech PropHero in February as part of a $25 million Series A. The investor told the market today that the carrying value had increased by $5.7m to $18.2m.
Updoc has already been a nice little earner for the VC, which invested $20 million in the telehealth platform in May last year. The startup, founded in 2021 by co-CEOs Dylan Coyne and Clifton Hodgkinson, is already profitable and paid $700,000 in cash dividends to BTI this year.
The carrying value for Updoc rose from $37.2m to $44.8m, a 20.5% increase that takes the overall uplift since Bailador’s original investment to 124%.
Combined, that’s a $13.3 million increase to the value of the VC’s portfolio, which also includes men’s health brand Mosh, volunteer management platform Rosterfy and gym software platform Hapana.
Cofounder Paul Wilson said Updoc is operating at scale with continuing high revenue growth rates.
“This is the third consecutive half year Bailador have increased the value of Updoc, a testament to the rapid growth of the business,” he said, adding that they’ve flagged the startup for a further valuation review in June 2026.
His cofounder, David Kirk, was equally enthusiastic about their most recent investment, saying the AI-enabled platform, founded in 2021 by Mickael Roger and Pablo Gil Brusola, to help people source, purchase, and manage investment properties, was demonstrating very high revenue growth
“PropHero has performed very well since our investment only 10 months ago,” he said.
“The PropHero team continue to be focused on building a world-leading property investment business.”
The uplifts will feature in Bailador’s December 2025 shareholder update, released in January. Collectively, they represent an increase in NTA (Net Tangible Assets, pre-tax) of $0.089 per share.
While Bailador, like the rest of the market, is awaiting for a Santa rally and currently looks set to finish the year with its shares around the same level they started the year – currently $1.18, with a 12-month peak of $1.27 in August – BTI had a solid FY25, declaring a final dividend declared of 3.6 cents per share, fully-franked, for an annualised grossed-up yield of 8.1% .
The portfolio return was 7.8% after all fees and tax, with the five-year average at 11.2% and the per annum shareholder return for the same period, 16.8%.
After investing $30m into financial advice platform DASH in June 2024 ($25m equity, $5m debt), the fund gave it a 59% uplift, worth $14.7m, 12 months on in June 2025.
David Kirk said: “We are pleased with the performance of the portfolio in H1FY26. Off the back of strong performance from the private portfolio in FY25, we are pleased to see FY26 off to a good start.”
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