BGF has successfully exited its investment in Voicescape, a leading software provider to the social housing and local authority markets.
BGF originally backed Voicescape in 2023 and during the subsequent investment period the business grew its ARR by 2.5x. Voicescape also received support from non-executive chair, Dean Dickinson, who was introduced through BGF’s Talent Network and brought more than 35 years’ operational experience in the software industry.
As Voicescape enters the next stage of its growth strategy, the business has been acquired by Elevare Software Group (“Elevare”). Elevare combines long-term capital, hands-on expertise and an AI-first mindset to help ambitious software and tech-enabled services businesses scale across the UK and Europe while retaining their identity. It draws on the experience of its founders – David Lockie and Elona Mortimer-Zhika – who led IRIS Software Group through its $4 billion recapitalisation, one of Europe’s largest technology buyouts at the time.
BGF has reinvested alongside Elevare, providing ongoing support for further growth.
Commenting on the exit, Voicescape Managing Director Gary Haynes, said: “Over the last three and a half years, we have significantly accelerated our growth ambitions by stretching the boundaries when it comes to product development and investing heavily in our team. BGF has played a key role in supporting this strategic approach and it’s important to recognise the value they have added during this period.
“With a long-term outlook and deep-rooted experience in supporting high-growth tech businesses, BGF has been an ideal partner for us throughout this phase of growth. It’s a real vote of confidence in our business and the sector as a whole that BGF has also reinvested.”
He continued: “For more than 25 years, we’ve helped housing associations and councils connect with the communities they serve more efficiently and deliver better outcomes. Joining Elevare marks an exciting next chapter. With their backing, we can build on that impact and bring Voicescape to more housing associations and councils.”
BGF Regional Portfolio Partner and investment director for Voicescape, Jill Williams, added: “Voicescape is a fantastic North West business which has developed cutting-edge technology that solves longstanding, sector wide challenges. Not only does the technology increase efficiencies and improve service levels, but it helps social landlords build vital sustainable tenancies.
“With Gary and the team, we set out with a goal to grow ARR by 2.5x over a four-year period. Due to their relentless focus, strong leadership and deep understanding of their markets, they have reached this milestone ahead of target. Elevare is a fantastic home for Voicescape as it creates a new housing technology ecosystem, and we’re delighted to continue backing the business through its next growth phase.”
