Hull healthtech startup doubles headcount with six-figure funding

A Hull-based tech startup is set to expand into new markets after securing of six-figure funding.

Moodbeam has secured £450k in investment from NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.

Established in 2016 by Gadget Shop founder Jonathan Elvidge and former journalist Christina Colmer McHugh, Moodbeam allows users to monitor their emotional wellbeing through a wearable device called Moodbeam One.

The device enables users to log their mood and then links to an app, giving real-time insights into emotional wellbeing for employees and students.

In addition to product development, the NPIF investment has allowed the company to double its headcount in 18 months.

Christina Colmer McHugh, co-founder and director at Moodbeam, commented: “The support from NPIF and Mercia has been incredible. These investments have helped us to continue to innovate and grow throughout our journey, bringing a valuable product to market at a crucial time for us all.

“This pandemic saw employers around the world enter completely unchartered waters and, in many cases, the ability to gauge the emotional wellbeing of team members from physical cues was lost overnight. Our device has been a lifeline for those businesses and individuals and we’re incredibly proud of that.

“The consumer model will always be there and lies at the heart of our creation, but for now our focus is within the B2B and supporting industries. I am excited to see where we can take the product, business and team in the future as we continue to expand into new markets and territories.”

Simon Crabtree, investment manager at Mercia, added: “The NPIF - Mercia Equity Finance investment really helped take Moodbeam to the next level.

“Since then, the business has developed a unique market-leading product with an accompanying platform that allows companies to receive feedback on their staff’s motivation in real-time.

“With the effects of the pandemic still being felt, it offers crucial support to companies when they need it most. It’s an exciting period for Moodbeam, and we look forward to working with them on their future growth trajectory.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →