Sandwell software firm, Chrysalis Solmotive, has secured £700,000 of new investment from Finance Birmingham. The funding will enable the company to more than double the number of its employees by creating 32 new jobs in the region.
Finance Birmingham is a public-private partnership funding programme that offers venture capital and loans to UK small to medium-sized businesses in all sectors. It works closely with local councils and Local Enterprise Partnerships (LEPs) to support SMEs in realising their ambitions for growth.
Oldbury-based Chrysalis Solmotive, part of Chrysalis Global, is a dynamic technology company supplying the global automotive industry. Specialising in unique market-leading web-based solutions, support programmes and data services it assists manufacturers, finance companies and dealerships in the automotive sector by providing a sustainable approach to customer retention and repurchase.
It currently employs 20 staff, has more than 10 years of experience in developing leading customer retention software for its clients and supplies more than two thirds of the top 200 car retailers in the UK.
As well as creating new jobs for the firm the investment will enable it to pursue international expansion plans across North America, Europe and Australia.
Jolyon Barker, managing director of Chrysalis Solmotive, said: “Chrysalis Global has always aimed to help its clients develop robust and sustainable processes. With this new investment from Finance Birmingham we will be able to continue to expand our business and invest in enhancing our software that we know will exceed clients’ expectations.”
The funding has been provided by the £56m Mezzanine Loan Fund (MLF), which is managed by Finance Birmingham on behalf of Birmingham City Council. The MLF is open to SMEs located in the West Midlands and supported by the Regional Growth Fund (RGF). It has up to £56m available for investment in amounts of up to £2m.
Stephen Murray, Investment Director at Finance Birmingham, said: “Customer retention is a big challenge for most businesses and Chrysalis has built a reputation for providing software that delivers simple and effective solutions in this area, helping to unlock greater profitability.
“Finance Birmingham aims to support businesses with their growth plans and Chrysalis Global is a prime example of an ambitious company with great track record – and great potential.”
To find out more about the finance available to help your business please visit the Black Country Growth Hub finance pages.