Newable Capital invests in leading software provider
Newable Capital has made its first technology focussed investment in Dancerace PLC (“Dancerace”).
Founded in 1992, and based in Bath, Dancerace offers a best-in-class receivables finance software operating system, along with training, consultancy and support services to help customers get the most value from their software. Focussed on the mid-size/independent receivables sector, the company serves a third of the total receivables market in the UK and Australasia, plus a significant proportion of the European and African market.
The Dancerace platform is cloud-hosted and fully scalable, with the core systems providing an ‘out-of-the-box’ solution to finance providers. The system is API-enabled, allowing integration with third-party banking, accounting, insurance and risk systems.
Newable Capital is investing alongside the current management team and supporting the acceleration in the recruitment of product delivery and customer support staff, in order to realise the current product roadmap and deliver enhanced value and functionality to all customers.
There will be no changes to the senior management team with Elliot Avison and Malcolm Spence-Herbert remaining as the CEO and Head of Development, respectively, as well as becoming shareholders in the company. Dancerace will continue to operate as an independent business, with its own board. Stewart Holness will be joining the Board as Non-Executive Chairman.
Newable Capital forms a key part of Newable, the leading provider of space, money and advice to SMEs which was established in 1982. Newable Capital provides investment to help profitable, well-established UK SMEs through their growth journey. It has continued to invest through the pandemic, with Dancerace its fourth investment since November 2019.
Elliot Avison, CEO at Dancerace, said: “Since opening our doors in 1992, Dancerace has focused on staying one step ahead and shaping the future of working capital technology. We’re excited to work with Newable to write our next chapter as a company, and are happy to have found another team that shares our love of bold thinking and supporting other businesses to grow.”
Peter Barrand, Managing Director at Newable Capital, commented: “We have been impressed by Elliot and his team and can see significant future potential in the acceleration and delivery of the current product roadmap and business strategy. Dancerace’s target market of mid-size/independent financiers and the customers they serve, aligns with Newable’s focus on helping UK SMEs thrive. We look forward to working with Dancerace and supporting them through their next phase of growth.”