Online health advice start-up secures first investment
A young technology company headquartered in Caerphilly is the
first to benefit from the Welsh Government’s Wales Technology Seed
Fund, securing £125,000 from Finance Wales.
Launched in the summer, nudjed is a personalised online
health and wellbeing platform aimed at busy professionals. Dubbed
“the Siri of health advice”, nudjed combines bespoke motivational
training with a digital health advice service.
nudjed will use Finance Wales’ investment to
boost its engineering and delivery teams, creating six jobs.
The Wales Technology Fund aims to provide
technology start-ups with the financial backing they need to
commercialise innovative new products, services and
nudjed has previously raised £50,000 in equity
funding, as well as securing several government funded grants.This
month, the company also launched a crowd-funding campaign on Seedrs
to sell an additional £100,000 worth of equity. It became Seedrs’
’Top Mover’ by securing more than 55% of its target in a week.
Economy Minister Edwina Hart welcomed Finance
Wales’ first Wales Technology Seed Fund investment.
The Minister said: “The Wales Technology Seed
Fund provides exciting technology start-ups like nudjed with the
backing to become leading Welsh technology businesses of the
future, boosting the Welsh economy and supporting business growth.
nudjed will also be able to benefit from Finance Wales’ links with
other early stage investors.”
nudjed is continuing to expand, targeting its
services at professionals and business teams. This announcement
comes in the wake of the NHS’s announcement last week that, to
combat the growing obesity epidemic, it plans to fund employers to
incentivise their staff to lose weight.
Warren Fauvel, co-founder and CEO of nudjed,
said: “This new influx of capital will enable us to scale and to
continue our rapid development into the burgeoning health and
fitness technology market, including the urgent demand for B2B
solutions to meet the country’s 21st-century healthcare
Commenting on Finance Wales’ first investment
from the Wales Technology Seed Fund, Investment Executive James
Henderson said: “nudjed’s founders, Warren and Neil [Atherton], are
a strong team with a clear vision for their business, which targets
a growing and potentially lucrative niche market. They’ve
developed and launched an exciting online service, which is
attracting a growing customer base.
“nudjed will use Finance Wales’ investment to
continue developing its online service to ensure it builds market
share and stays ahead of the competition. Our investment
will also help with nudjed’s commercialisation costs.”
With individuals increasingly using their
smartphones and tablets to keep track of their diet, health and
fitness plans, demand for health and fitness apps is currently
growing by 49% year-on-year.
Neil Cocker, CEO of CardiffStart, the largest
community of tech entrepreneurs in the region, believes that
nudged’s windfall is good news for other South Wales businesses. He
commented: “The nudjed team are really pioneering in their field
and within the community. If anyone can succeed, these guys