London investment company expands horizons with first tech investment
A London investment company has announced that it has made its first technology focused investment.
Newable Capital has invested in Dancerace PLC, a Bath-based company which offers a receivables finance software operating system, along with training, consultancy and support services aiming to help customers get the most value from their software.
The investment in Dancerace is Newable’s fourth since November 2019, with Newable providing space, money, and advice to SMEs throughout their growth journeys.
Newable Capital is investing alongside the current management team and supporting the acceleration in the recruitment of product delivery and customer support staff in the hope of realising 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 to remain as the CEO and head of development respectively, as well as becoming shareholders in Dancerace.
The company will continue to operate as an independent business with its own board with Stewart Holness joining the board as non-executive chairman.
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.”
Elliot continued: “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, said: “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.”
He ended by saying: “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.”
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