Cofoundery secures £500,000 for startups

Cofoundery Nova has secured £500,000 in funding through its startup mentorship and investment programme to launch five new digital health startups.

The startup includes wearable tech products and mobile applications for the health industry. It allows Nova to continue working with the founders to develop the startups from their early stage through creating a brand, developing a prototype and completing initial market tests over a four-month period.

Nova does not charge any fees to the entrepreneurs, instead sharing an equity stake in each startup as ‘cofounder’. To date the process has allowed the launch of over 50 tech startups in the past five years.

Andy Davidson, chief executive at Nova, said: “We really believe that with the support that we can provide, the people working with, and experiencing the problems in the health industries first hand are in the best position to try and solve them.

“We are delighted that this work has translated into raising funding for a further 5 new digital health startups and we are committed to facilitate more innovation in this area.”