A London investment company has announced its first technology-driven investment.
Newable Capital has invested in Dancerace PLC, a Bath-based company that provides a receivables financing software operating system, training, advice and support to help customers get the most out of their software.
The investment in Dancerace is Newable’s fourth since November 2019, with Newable providing SMBs with space, money and advice during their growth journey.
Newable Capital, along with the current management team, is investing in accelerating the recruitment of product delivery and customer support staff in the hope of realizing the current product roadmap and delivering improved value and functionality to all customers.
There will be no changes in the senior management team, with Elliot Avison and Malcolm Spence-Herbert remaining as CEO and Head of Development, respectively, and becoming shareholders of Dancerace.
The company will continue to operate as an independent company with its own board of directors, with Stewart Holness joining the board as non-executive chairman.
Elliot Avison, CEO of Dancerace, said, “Since we opened our doors in 1992, Dancerace has focused on staying one step ahead and shaping the future of working capital technology.”
Elliot continued, “We are excited to be working with Newable to write our next chapter as a company, and delighted to have found another team that will share our love of bold thinking and help other companies grow.”
Peter Barrand, Managing Director at Newable Capital, said, “We are impressed with Elliot and his team and see significant future potential in accelerating and executing the current product roadmap and business strategy.”
In conclusion, he said, “Dancerace’s target market for mid-market / independent financiers and the clients they serve is in line with Newable’s focus on helping UK SMEs thrive. We look forward to working with Dancerace and supporting them in their next phase of growth. “
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