A Midlands-based firm that provides software to manufacturers, finance companies and dealerships in the automotive sector to help them retain customers, has secured a £700,000 investment from Finance Birmingham.
The funding will enable Chrysalis Solmotive Ltd (Chrysalis Global) to more than double its headcount by creating 32 new jobs as well as pursue international expansion plans across North America, Europe and Australia.
The firm, which currently employs 20 staff, has more than ten years’ experience in developing leading customer retention software for its clients and currently serves more than two thirds of the top 200 car retailers in the UK.
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 Finance Birmingham as part of the £56m Mezzanine Fund – open to SMEs across the West Midlands and supported by the Regional Growth Fund.
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.”
Hawkins Hatton LLP, Andrew Ritson Solicitors and BSN Chartered Accountants advised on the deal.