Dancerace, a fast-growing FinTech company and the leading provider of cloud-based software solutions for major banks and lenders globally, today announced a significant new investment from Norland Capital, a software and technology-focused investment firm based in San Francisco, Boston, Sydney, and London. Alantra, a global investment banking firm advised Dancerace and its majority owner, Newable Capital, on its investment from Norland.
"Norland's focus on partnering with entrepreneurs, long-term 10+ year investment horizon, 25+ years of investing and supporting software and FinTech companies, and most importantly, cultural fit - made Norland the perfect partner for us to further accelerate our growth," saidElliot Avison, CEO of Dancerace.
Elliot added, "Our partnership with Norland Capital, will further strengthen our market-leading position as we continue to grow and expand in our current markets and globally. Norland Capital is committed to supporting our plans to continue to further improve customer services and helping to accelerate the exciting roadmap that has been in motion for many years. This investment is a testament to Dancerace's market-leading SaaS solutions, our talented employees, and our loyal customers. We are thrilled to be partnering with Norland Capital on the next stage of our journey."
Dancerace's purpose-built, business-critical workflow software helps some of the world's leading banks and lenders offer invoice financing and asset-based lending (ABL) products. Financial institutions trust Dancerace to deliver a wide range of complex financial products to business borrowers. These include invoice finance discounting, factoring, loans, selective invoice finance, asset finance, construction finance, trade finance and more.
"It was a pleasure to support Dancerace and Newable Capital on this important transaction," said Ollie Parker, Partner, Alantra. Over the last three years, under Newable's stewardship, the business has been further professionalised and has successfully developed a market leading cloud-based solution to support invoice financing and asset-based lending. Dancerace now has a perfect partner given Norland's deep lending tech domain expertise and a successful track-record of backing entrepreneur led software companies as well as experience helping drive growth and international expansion. As part of the process Norland Capital was able to provide immediate comfort and confidence to Newable, Elliot, and us that they were a strong match given their clear and easy to work with communication style and streamlined due diligence process.
"Through our conversations with Elliot and the Dancerace team it was obvious that they are so incredibly passionate about the company's culture, employees, customers, and building best-in-class software solutions," saidMati Szeszkowski, CEO/Founder of Norland Capital commented. "Elliot's passion has been a key ingredient in their success. Dancerace is a clear winner, evidenced by their best-in-class SaaS platform, strong customer feedback, and market leading retention. We look forward to partnering with Dancerace and the company through their next chapters of growth."
As part of the transaction, Norland Capital has acquired 100% of Newable Capital's majority ownership stake in Dancerace and Elliot has rolled 100% of his ownership position into the new partnership. "It has been an honor to have been a partner for Dancerace the last few years," said Peter Barrand, Managing Director at Newable Capital. "The impact that Elliot has had on Dancerace since taking the CEO seat has been truly impressive and we are excited to see the company's success continue with the support of a partner like Norland who is 100% dedicated to growing software and technology companies like Dancerace."
About Dancerace
Dancerace is the complete, connected invoice finance and ABL operating system, helping banks and lenders operate more efficiently at every stage in the funding cycle. Financial institutions worldwide depend on Dancerace's cloud-based platform to deliver a wide range of complex financial products to business borrowers. Financial products such as loans, invoice discounting, factoring, selective invoice finance, asset finance, construction finance, trade finance and more can be easily managed with Dancerace. Moving to Dancerace's cloud-hosted platform is the simplest, fastest way to digitise a financial institution's borrower experience and make their lending operations more efficient, effective and profitable. For more information, please visit: https://dancerace.com/
About Norland Capital
Norland Capital is the right partner for entrepreneur-led software and technology companies. We behave differently given our unique 10+ year long-term capital. We can help software companies grow as we have been building and investing in technology companies for over two decades, having made our first software investment in 2000. We have invested in, supported, and helped grow some of the largest and most innovative software companies in the world, including the world's largest enterprise software buyout ever. We are based in San Francisco, Boston, Sydney, and London and invest globally. For more information, please visit: https://norlandcapital.com
About Alantra
Alantra is an independent global mid-market financial services firm providing investment banking, asset management, and private capital services to companies, families, and investors operating in the mid-market segment. The Group has over 600 professionals across Europe, the US, Latin America, and Asia. For more information, please visit: https://alantra.com
About Newable
Newable is a leading provider of business services that help SMEs to thrive by offering a unique blend of money, advice and workspace solutions. With a mission to support the growth and development of UK businesses, Newable delivers tailored solutions to address the challenges faced by entrepreneurs and enterprises at every stage of their journey. Since 1982, Newable has been committed to fostering innovation and promoting sustainable growth across diverse sectors. In 2023, Newable became an employee-owned business with a commitment to ESG. Newable's expert team leverages extensive industry knowledge and a vast network of partners to deliver exceptional value and drive success for businesses nationwide. Whether through financial support, strategic guidance, or dynamic work environments, Newable is dedicated to enabling businesses to start, grow, and scale with confidence. For more information, visit www.newable.co.uk
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Contacts:
Patrick Gwyther
Norland Capital
pgwyther@norlandcapital.com