A start-up technology company headquartered in Caerphilly has secured a £125,000 investment from Finance Wales.
Nudjed, which is based at the Welsh Innovation Centre for Enterprise on Caerphilly Business Park, is the first firm to benefit from the Welsh Government’s Wales Technology Seed Fund.
Launched in the summer, Nudjed is a personalised online health and wellbeing platform aimed at busy professionals.
It combines bespoke motivational training with a digital health advice service.
The firm 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 technologies.
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 needs.”
Economy Minister Edwina Hart has welcomed Finance Wales’ investment in Nudjed.
She 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.”
Commenting on Finance Wales’ first investment from the Wales Technology Seed Fund, Investment Executive James Henderson said: “Nudjed’s founders, Warren Fauvel 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.”
Last month Caerphilly Observer reported how Nudjed had been valued at £1 million through online crowdfunding platform Seedrs.
Despite raising more than half of the £100,000 it was seeking within a week, Nudjed has had to close its online funding campaign due to a “legal niggle”.
A post on the company website explained: “Due to De Minimis (EU funding) and SEIS (also EU funded) compatibility as well as a few other legal niggles, Seedrs, Finance Wales and the Nudjed founders decided it was best to withdraw the campaign for now.”
The company added those who had pledged investment would have their money returned.