A health technology company based in Caerphilly has secured a further £100,000 in seed funding to further accelerate the company’s growth.
Nudjed is a personalised online health and wellbeing platform aimed at busy professionals.
Its second round of investment brings the total the company has raised to £275,000, excluding early grant support from the Welsh Government’s Digital Development Fund.
The second round investment was led by Catalyst Growth Partners, with participation from serial biotech entrepreneur Professor Chris McGuigan and existing investors Finance Wales and Smart Anchor Ventures.
Nudjed currently has 500 individual users of its health and wellbeing platform.
Nudjed’s CEO and founder Warren Fauvel said: “We’re delighted to have secured this new funding from a number of prominent investors, all of whom add huge value to our company.
“The new funds will enable us to expand our science and product teams, and will help us to consolidate our intellectual property.
“We’ve already hired a new business development manager to convert our growing sales pipeline, a customer delivery manager to build customer success, and a marketing manager that will help build market brand awareness.”
Nudjed was mentioned in the Tech Nation Report earlier this year as a startup success, and was also nominated as one of the Digital 2015 Digital Dozen top companies to watch in Wales.
Following the appointment of an experienced board of advisors at the start of the year, the Nudjed management team have delivered a plan that has enabled the company to go from strength to strength.
Professor Chris McGuigan, the co-founder of several hugely successful businesses, is the Chair of the Life Sciences Hub in Cardiff Bay, and Professor of Medicinal Chemistry at Cardiff University. He said: “I am delighted to help support the further expansion of Nudjed. With their unique offering and wonderfully dynamic management they seem, to me, certain to establish themselves as a key player in the workplace health and wellbeing sector.”
Ashley Cooper, co-founder and director of Catalyst Growth Partners, a high growth business accelerator focused on working with positive people and innovative businesses in driving structured growth, says that the decision to invest in Nudjed by the Directors of CGP was driven by four key factors.
He said: “Nudjed has a great founder and team, a really innovative product that the market needs, great growth potential, and is a business where we can add significant value to the strategic direction and growth.
“We are very excited as to what the future holds for Nudjed, and are delighted to be involved.”
Finance Wales’ seed investment in Nudjed last year was the first investment from the Wales Technology Seed Fund, and enabled them to develop their product.
Technology Seed Fund Manager James Henderson said: “Nudjed has made impressive progress since we invested last year.
“They have developed their product, won new contracts and made some key appointments. Attracting high-calibre investors in this second seed investment round clearly demonstrates Nudjed’s potential, and they are now well placed to capitalise on their achievements as well as the growing health tech market.”
I wish them well as technology is the industry Britain should be attracting most. However, I remain unconvinced on the benefits of an application which seems to be a company version of Fitbit.
I may have the wrong idea of what their company product does, but if I do, it demonstrates how terrible their website is as I spent a while trying to research about the product and I still have questions about how it works.
I have no idea what this is but I’m sure it’s all good. I don’t know how to use my phone but they seem to sell quite well.