Chrysalis Solmotive, which provides customer retention software used by many AM100 dealer groups, has secured a £700,000 funding injection to fuel expansion.
The investment by Finance Birmingham will enable the Midlands-based software provider to more than double its workforce and pursue international expansion plans.
The business currently employs 20 staff and supplies software to carmakers, finance companies and two thirds of the 200 largest motor retailers in the UK.
“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,” said Jolyon Barker, managing director of Chrysalis Solmotive.
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.