Gadget Shop founder’s health start-up secures £200,000 for mental wellbeing device

A Hull healthtech start-up, launched by the Gadget Shop founder and a former journalist which has developed a device to enhance mental wellbeing, has secured a £200,000 of investment.

Moodbeam’s wearable device allows users to log their mood and monitor their emotional wellbeing.

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.

The funding from NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund, will allow the business to put the device into production.

Moodbeam was founded in 2016 by Jonathan Elvidge Christina Colmer McHugh, who came up with the idea after her daughter became anxious at school.

Over the past year, prototypes have been trialled in multiple settings.

The company, which is based in Hull’s Centre for Digital Innovation (C4DI), has received interest from potential users including a university, the NHS, businesses, sports councils and health campaigners.

Colmer 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.”

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.”

John Connolly, managing director of C4DI, provided business, technology and fundraising advice to the company.