A start-up technology firm providing a personalised online health and wellbeing platform aimed at busy executives is the first company to receive backing from the Wales Technology Seed Fund.
Nudjed has received a £125,000 equity investment from the fund, which is managed by Finance Wales on behalf of the Welsh Government.
Based in Caerphllly the firm combines bespoke motivational training with a digital health advice service. It will use the investment to boost its engineering and delivery teams – creating six jobs.
With consumers 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. Nudjed is confident it can capture significant market share.
The company currently has 200 paying users, but over the next 12 months is forecasting this to rise to around 10,000.
The Wales Technology Seed Fund aims to provide technology start-ups with the financial backing they need to support the commercialisation of innovative new products, services and technologies.
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.
The £7.5m seed feed plans to invest in up to 50 technology start-ups, including university spin-out firms, providing equity investments of between £50,000 and £150,000.
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 chief executive 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.”
Business Minister Edwina Hart “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.”
Investment executive at Finance Wales, 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 the 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, chief exeutive 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 said: “The nudjed team are really pioneering in their field and within the community. If anyone can succeed, these guys will”