Coronavirus business update: Latest news across Yorkshire

Moodbeam, a maker of wearable mental wellbeing devices, has pioneered a new model to help businesses and their staff through the pandemic.

It follows two rounds of investment totalling £450,000 from NPIF-Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.

The wearable device, called Moodbeam One, was originally designed to allow users to log their mood and monitor their emotional wellbeing – or that of their children, students, patients or employees.

It then links to an app, giving real-time insights into how someone’s moods change over time and showing them patterns and trends to help them make positive changes.

The Hull-based firm was launched in 2016 by the Gadget Shop founder and Red5 co-founder Jonathan Elvidge, and former journalist Christina Colmer McHugh, who came up with the idea after her daughter began experiencing anxiety in school.

The initial £200,000 investment in 2019 saw Moodbeam bring its device to market following 18 months of prototype testing.

An additional £250,000 funding later that year – £50,000 of which was through NPIF and £200,000 from a high net worth angel investor – provided the resources to develop the dashboard and identify the next iteration of the device and prospective markets.

When the latest production version landed in quarter three 2019, a fifth of the stock was pre-ordered by both consumers and organisations.

New features in 2020 include a real time dashboard for team leaders and managers to see quantifiable data across teams to help identify issues or concerns as they happen.

During the pandemic, Moodbeam has helped businesses stay in real-time contact with their staff members while working remotely, as well as monitoring the health and wellbeing of frontline staff.

In addition to product development, the NPIF investment has allowed the company to double its headcount in 18 months, from two co-founders to four full time members of staff and multiple contractors.

Christina Colmer McHugh, founder and director at Moodbeam, said: “These investments have helped us continue to innovate and grow throughout our journey, bringing a valuable product to market at a crucial time for us all.

“This pandemic saw employers around the world enter completely unchartered waters and, in many cases, the ability to gauge the emotional wellbeing of team members from physical cues was lost overnight.

“Our device has been a lifeline for those businesses and individuals and we’re incredibly proud of that.

“The device dashboard previously allowed individuals to manage multiple users and see anonymised aggregated data to show highs and lows.

“Moodbeam has now pivoted that offering to provide identifiable team data and real time team engagement to give leaders the ability to gauge staff morale and productivity.

“This new feature has been introduced during the coronavirus crisis, however it will help prepare businesses for earlier, quicker communication during their working day in the weeks and months to come.”

Simon Crabtree, investment manager at Mercia, said: “The NPIF – Mercia Equity Finance investment really helped take Moodbeam to the next level.

“Since then, the business has developed a unique market-leading product with an accompanying platform that allows companies to receive feedback on their staff’s motivation in real-time.

“With the effects of the pandemic still being felt, it offers crucial support to companies when they need it most.”

Mark Wilcockson, at British Business Bank, said: “NPIF has a strong track record of supporting trailblazing companies in the North’s emerging healthtech sector, providing vital funding that creates jobs and enables companies to grow.

“Moodbeam is an excellent example of a business that is excelling quickly and developing a product that is crucial in improving the wellbeing of individuals, both in work and in their personal lives.”

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Bradford-headquartered supermarket chain Morrisons says it will continue to make immediate payments to its smaller suppliers until the end of January.

This is designed to continue to support them through the ongoing coronavirus pandemic and to help provide stability now the UK is in a recession.

The supermarket chain has been making these immediate payments to help small food makers and farmers with their cashflow since March.

A 5% discount which Morrisons’ farmers receive on their grocery shop is also being extended to thank them as they continue to help feed the nation.

David Potts, chief executive of Morrisons, said: “Suppliers and farmers have told us they face ongoing pressure and we want to be there for them during this challenging period.

“We highly value the continued and consistent efforts of British farmers and small suppliers and want to say thank you and extend support where we can.”

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Thierry Delange

Innovative SMEs in Yorkshire and Humber are to be offered free business support packages to help them launch new products or services and adapt to the post-Covid world.

The scheme, which will help hundreds of companies with high growth potential, aims to boost growth and innovation and help reboot the post-lockdown economy.

It is funded by the Government agency Innovate UK and run by RTC North, a business support provider with offices in Leeds, Sunderland and Daresbury.

The initiative, which is part of the Chancellor’s £1.3bn support package announced in April, will offer businesses up to 12 days’ free coaching.

It is ideal for those which have, or are developing, revolutionary products and need help to progress them or enter new markets; or those facing a decline in sales due to market trends or new technologies and which need help to change and adapt.

The scheme can address areas such as identifying and securing clients, accessing new markets, funding opportunities, building resilience, R&D and innovation capacity, reviewing business models, planning for growth and developing supply chains.

Thierry Delange, business development manager at RTC North, said: “In this current climate, companies need now more than ever, a friendly face to turn to for practical advice and support.

“Our experienced advisors act provide an external perspective and structured approach to help senior management to successfully navigate the disruptive environment and achieve growth and scaling.

“Ultimately, our advisors are here to help ambitious businesses do better, develop better products leading to increased sales. That’s what Innovation is about.”

For more information on Innovation and Growth services visit the RTC North website.

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