Chameleon first to get new type of funding

Chameleon Technology (UK)’s bespoke In-Home Display units (IHDs) communicate wirelessly with new digital or ‘smart’ meters and measure and analyse energy use and environmental impact for homes and businesses, allowing consumers to improve their carbon footprint and energy efficiency.

Founded by directors Gary Martin and Mike Woodhall in 2010, the company is based near Harrogate, where its range of IHDs are designed by the in-house team, with global operations in Hong Kong and Sydney.

The firm, which employs 10 staff at its headquarters and will finish the year with a fourfold increase in turnover, was looking to explore other markets and grow the company and product range further.

Chameleon is one of the first companies to have opted for a new product from Finance Yorkshire called Loans with Profit Participation, which 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.

A team was put in place to secure the £750,000 deal including Rosedale Advisory and Leeds-based law firm 3volution, who acted as lead adviser to Chameleon, and Walker Morris for Finance Yorkshire.

Mr Woodhall said: “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.”