Dancerace has announced that they are the first software investment from Newable Capital. This follows their existing interests in medicine, AI, space and robotics technology. Newable, supports UK growth companies with funding, advice and resources. This comes on the tail of over £176m invested in the area in July!
Dancerace selected Newable Capital for its commitment to supporting business growth. This commitment closely mirrors its ‘better lending’ vision to provide better working capital systems for better lender and borrower experiences. Newable Capital is investing in Dancerace to accelerate the recruitment of product delivery and customer support staff, realise their product roadmap and deliver enhanced value and functionality to users of it’s working capital operating system. Today, this system supports a full range of receivable facilities via backoffice management, client onboarding and client access modules. Additionally, it offers data extraction connectivity to borrowers’ accounting systems and an open API for integrating banking, accounting and insurance.
The Dancerace management team will remain unchanged, with Elliot Avison and Malcolm Spence-Herbert remaining and becoming shareholders. Stewart Holness will join our board as a non-executive chairman.
Since 1992, Dancerace has focused on staying one step ahead and shaping the future of working capital technology
Elliot Avison, Dancerace CEO says. “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 businesses to grow.”
Peter Barrand, Newable Capital Managing Director, 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.”