A healthtech start-up which has developed a wearable device to help people manage their mental wellbeing has secured £200,000 in funding from NPIF-Mercia Equity Finance.
Hull-based Moodbeam developed its wearable devices to lets users log their mood and monitor their emotional wellbeing. The device links to an online, mobile platform and gives insights into how moods change over time, showing patterns and trends that can support positive change.
The funding from NPIF-Mercia Equity Finance, which is part of the Northern Powerhouse Investment Fund, will enable Moodbeam to put the device into production.
The start-up was founded in 2016 by Gadget Shop and Red5 co-founder Jonathan Elvidge, and former journalist Christina Colmer McHugh, who came up with the idea after her daughter became anxious at school. Last year, the device won Best Emerging Technology at the 2017 Hull Digital Awards.
Over the past year, Moodbeam has been trialling prototypes in multiple settings and the company has been receiving interest from potential users including a university, the NHS, businesses, sports councils and health campaigners.
Simon Crabtree, investment manager with Mercia Fund Managers, said: “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.”
McHugh 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.”
Mark Wilcockson, senior relationship manager at British Business Bank, said: “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.”
