£450k investment for wearable mental health start-up
Moodbeam, a Hull-based health tech start-up, which produces wearable mental wellbeing devices, has received £450k in investment.
The cash comes following 2 rounds of investment from NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers - part of the Northern Powerhouse Investment Fund.
Moodbeam has developed a new model to help businesses and their staff during the Covid-19 pandemic. Moodbeam One was originally designed to allow people to log their mood and monitor their emotional wellbeing. This then links with an app to give real-time insights and show patterns and trends to make positive changes.
An initial round of investment allowed the company to bring the product to market, but it’s since been reworked to help businesses and their staff. New features include a real-time dashboard for team leaders and managers to view quantifiable data to identify issues or concerns as they happen.
These are currently being trialled in the construction and banking sectors.
“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,” explained Christina Colmer McHugh, Founder and Director at Moodbeam.
“The device dashboard previously allowed individuals to manage multiple users and see anonymised aggregated data to show highs and lows. Moodbeam has now pivoted that offering to provide identifiable team data and real time team engagement to give leaders the ability to gauge staff morale and productivity. This new feature has been introduced during the coronavirus crisis, however it will help prepare businesses for earlier, quicker communication during their working day in the weeks and months to come.
“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.”
Colmer McHugh is a former journalist, who came up with the idea after seeing her daughter experience anxiety at school. She set up the company in 2016 with former Gadget Shop and Red5 co-founder Jonathan Elvidge.
“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,” added Simon Crabtree, Investment Manager at Mercia.
“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.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union.