Funding for C4DI mental wellbeing startup
A Hull healthtech startup has secured a £200k investment from NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
Moodbeam, which has developed a wearable device to enhance mental wellbeing, was founded in 2016 by the Gadget Shop founder and Red5 co-founder Jonathan Elvidge, and former journalist Christina Colmer McHugh.
Christina came up with the idea for the device after her daughter became anxious at school.
The device operates by allowing users to log their mood and monitor their emotional wellbeing – or that of their children, students, patients or employees. The device, which links to an online and mobile platform, gives insights into how moods change over time, showing patterns and trends that can support positive change.
The funding will allow the business to put the device into production.
Moodbeam, which is based in Hull’s Centre for Digital Innovation (C4DI), has already received interest from potential users of the device, including a university, the NHS, businesses, sports councils and health campaigners.
Christina said: “It’s been a two-year journey, but Moodbeam has been shown to provide valuable insights into wellbeing and mental health. We set out to create a device with the potential to change lives. This investment will help to make that possible.”
Simon Crabtree, investment manager with Mercia Fund Managers, added: “Moodbeam has proven to be a powerful offering, thanks to its ability to timestamp emotions and provide an ‘at a glance’ way to see how people feel.
“The technology could have a wide range of uses, from supporting children and young adults and the elderly in care, to enhancing wellbeing in the workplace and sports performance. The funding will allow the company to take the next step in bringing it to market.”
Mark Wilcockson, senior relationship manager at British Business Bank, also commented: “The Northern tech sector is giving rise to a number of exciting products, ideas, and innovations that are making a real impact on customers.
“Moodbeam is testament to that, and the company’s award-winning device has the potential to make positive differences to the wellbeing of customers. We are pleased to announce this latest round of funding from the Northern Powerhouse Investment Fund, and are confident that the team at Moodbeam will continue to build on its momentum as a result.”
John Connolly, managing director of C4DI, provided business, technology and fundraising advice to the company.
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