York speaker company turns up volume with £825k investment
A York-based speaker company has landed £825k investment to expand its product range and move into new markets.
Damson Ltd design and manufacture high quality portable speakers, stocked by major retailers such Amazon.
The funding comes from Finance Yorkshire’s Equity Linked Fund, through Leeds-based commercial law firm 3volution LLP.
A team from 3volution including Jonathan Priestley, Amy Wright and Jonathan Paines, and Walker Morris from Finance Yorkshire worked to secure the deal.
Damson founder and CEO, James Talbot, said: “We were looking for investment to help take the company to the next level but didn’t want to use more conventional financing like approaching a venture capitalist.
“Finance Yorkshire appealed to us because they are a local company, backed by European funding, designed to help and promote organisations from our region.
“This is important to us because we are very proud of our Yorkshire heritage – our products are designed here, and our headquarters are located right here in the region so our roots are a big part of what we do.”
The investment has been used for the initial production run for Damson’s latest new product, the Oyster, as well as subsequent working capital.
James added: “We’re using the money to build our product development lines and to expand the company through marketing
“Of late, we have focused a lot on the US and Europe so we are also looking into new markets as well.”
The company, which currently employs four people, is also looking to add to the team.
James went on to say: “As the company grows we’d like to create more jobs and, long term, our goal is to become a globally recognised brand for speakers and audio products.”
Andrew Burton, Finance Yorkshire investment director, said: “Damson is a Yorkshire success story. It is a young company, which is quickly establishing a reputation for new and exciting high quality products.
“We are pleased to be able to support a business that is exploring new markets overseas while determined to remain loyal to its roots and looking to develop further employment opportunities right here in our region.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.