Bath-based specialist software firm Dancerace is looking ahead to a period of strong growth after receiving investment and appointing a tech sector serial entrepreneur as chairman.
The firm, which was launched in 1992, develops software for the receivables, trade and asset-based finance market.
It also offers training, consultancy and support services to help its customers get the most value from their software.
It serves a third of the total receivables market in the UK and Australasia, plus a significant proportion of the European and African market.
The investment by Newable Capital – the amount of which has not been disclosed – will help it speed up recruiting staff for product delivery and customer support, realise its current product roadmap and deliver enhanced value and functionality to customers.
London-based Newable Capital is investing alongside Dancerace’s management team, CEO Elliot Avison, pictured, and head of development Malcolm Spence-Herbert.
Stewart Holness will be joining the board as non-executive chairman.
With an engineering and marketing background, Stewart has helped two start-ups float on US tech stock market NASDAQ while working with a number of technology businesses through growth, funding, acquisitions and successful exits.
He is currently chairman of a number of other tech businesses, including Devon-based remote graphics workstation firm Amulet Hotkey.
Elliot Avison 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.”
Newable Capital managing director Peter Barrand added: “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.”
Newable Capital is a key part of Newable, a 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. Dancerace its fourth investment since November 2019.
