No disguising success for Chameleon after £750k investment
A Harrogate-based technology firm has secured £750k investment from Finance Yorkshire to grow into new markets.
Chameleon Technology UK have developed a product that communicates wirelessly with new digital or “smart” meters and measures energy use and environmental impact for homes and businesses.
The new ‘Loans and Profit Participation’ deal from Finance Yorkshire will give Chameleon chance to achieve growth with existing existing and potential customers.
The firm employs ten staff at its Yorkshire headquarters and will finish the year a fourfold increase in turnover.
Finance Yorkshire investment director, Andrew Burton, said: “Chameleon was an ideal choice for this type of investment – an excellent management duo leading a respected technical team who have secured an enviable position in the UK and overseas IHD market, driven by legislative pressure on utility companies to encourage users to monitor and manage energy consumption.
“As one of the leading IHD suppliers, Chameleon is at the forefront of the development of the emerging international standards, with the ability to design and manufacture high quality products.”
A team including Rosedale Advisory Ltd; Leeds-based commercial law firm, 3volution LLP; and Walker Morris LLP advised Finance Yorkshire.
Chameleon’s Mike Woodhall added: “Ours is an exciting and dynamic industry and this investment will help us to achieve our growth and product goals with our existing and potential customers, in the UK and internationally.
“Longer term, we are looking to increase our reach into other international markets for current products, as well as continue to develop our future product range.”
The Loans and Profit Participation can be single drawdowns or tranched investments, can last less than five years, offer a repayment holiday and secured behind existing bank and finance facilities.
It allows businesses to link repayment terms to the success of the business.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
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