Digital wellbeing company set for healthy future as it raises £825k
A healthtech platform has raised £825,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, to support its continued growth.
The funding will allow hero to further enhance its software platform and develop its marketing strategy. The Leeds-based company helps organisations to deliver tailored health and wellbeing programs and offers services ranging from coaching and training to medical screening and health and nutrition advice. What makes hero unique is its Navigator platform, which can track the impact of different wellbeing activities on individuals and overall business performance, whilst also measuring the return on investment.
hero was launched in April 2018 by Joe Gaunt, the former UK Managing Director of workspace provider WeWork and winner of the regional Great British Entrepreneur Awards 2020. hero serves over 100 clients including Vodafone, the NHS, Arsenal FC and Legal & General. It has also won contracts from real estate operators such as Moda Living who are offering it to residents. The company currently employs over 50 staff and the funding will allow it to create six new jobs.
Joe Gaunt, CEO of hero, said:
“We have enjoyed a successful two years since our launch in 2018 but this funding will allow us to further enhance our products, accelerate growth and continue to build out our team.”
Megan Noble of Mercia said:
“There has been growing recognition amongst businesses of the importance of employee health and wellbeing and the pandemic has brought this into even sharper focus. As we move into 2021, monitoring, measuring and having the ability to respond to the needs of employees will be critical as we transition back to work.”
Mark Wilcockson, Senior Manager at British Business Bank, said:
“NPIF continues to support high-growth businesses in the North, providing vital funding to enable job creation and expansion into new markets. This investment into hero, a forward thinking business with an important purpose, demonstrates how this funding can make a real and measurable difference to businesses across the Northern Powerhouse region, in turn helping to create a more prosperous regional economy.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For more information, please contact:
+44 (0) 161 860 6063
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Capital Solution’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
Mercia has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has almost £0.8billion of assets under management and, since its IPO in December 2014, has invested over £90.0million across its direct investment portfolio.
The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds and details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
About The Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb