Chameleon Art Products gets £1m funding line from Bibby
Art and crafts manufacturer Chameleon Art Products has received a £1m funding line from Bibby Financial Services, as the company looks to grow its already global business.
Chameleon exports to more than 70 countries around the world. Established in the UK in 2013, The firm’s flagship item creates 3D effects, transitions, highlighting, shading, gradations and blending with a single pen.
The company sought a funder that could structure a flexible financial solution that would provide overseas payment support and alignment with the US business. After speaking to the team at BFS, Chameleon secured an export finance facility enabling the business to unlock cashflow globally, access a team of currency and language specialists and focus on international distribution and product development.
Michael Rolfe, president and CEO of Chameleon Art Products, said: “Our business has seen rapid growth in global markets since its inception, and chasing payments from international customers has became an increasingly time-consuming task.
“The export finance team at BFS has enabled us to relieve the pressure of chasing payments. In turn, this has allowed us to focus our efforts on our expanding product range.”