Moodbeam, a Hull, UK-based healthtech startup which has developed a device to enhance mental wellbeing, secured a £200k in funding.
NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund, made the investment.
The funding will allow the business to put the device into production.
Founded in 2016 by the Gadget Shop founder and Red5 co-founder Jonathan Elvidge, and former journalist Christina Colmer McHugh, Moodbeam provides a wearable device that allows 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.