Dancerace steps into the future with investment from Newable Capital
London, July 2021 – Dancerace is pleased to announce our acquisition by Newable Capital, the business growth specialists.
Part of Newable, the group that supports UK growth companies with funding, advice and resources, Newable Capital has selected Dancerace to be their first software investment. We’re excited to welcome the team to Dancerace, having selected Newable Capital for their commitment to supporting business growth – one that closely mirrors our ‘better lending’ vision to provide better working capital systems for better lender and borrower experiences.
Newable Capital is investing in Dancerace to accelerate recruitment of product delivery and customer support staff, realise our product roadmap and deliver enhanced value and functionality to users of our working capital operating system. Today, this system supports a full range of receivable facilities via our backoffice management, client onboarding and client access modules, plus data extraction connectivity to borrowers’ accounting systems and our open API for integrating lenders’ banking, accounting, insurance and risk systems.
The Dancerace management team will remain unchanged, with Elliot Avison and Malcolm Spence-Herbert remaining CEO and Head of Development, respectively, and becoming shareholders. Stewart Holness will join our board as a non-executive chairman.
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.”
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