Two sports scientists who have developed an employee wellbeing and performance app have secured a further £1m from North East Venture Fund, supported by the European Regional  Development Fund and managed by Mercia. 

This latest investment will enable Dr Phill Bell and Dr Paul Smith to further enhance their One Wellbeing mobile app and create around ten new jobs in their Newcastle-based company, ART Health Solutions. 

One Wellbeing anonymously assesses employees’ health and wellbeing by bringing together data  from their smartphones and fitness trackers, cognitive performance tests and factors such as  working environment, location and schedules. It then provides tailored content to address  individuals’ specific needs, while also providing employers with aggregated data insights to help them improve the workplace experience for staff. 

Dr Bell and Dr Smith started their career working with elite athletes such as Chris Froome, Rory  McIlroy, Jensen Button and the England rugby team. They founded ART Health in 2018 to carry out  consultancy work with corporate clients such as GSK, JLL, Haworth and Cricket Scotland, and developed a range of tools to enable them to collect data remotely.  

One Wellbeing is a standalone app that enables companies to drive efficiency and optimise the  health of employees. The latest funding round follows an initial £800,000 investment in January  2022 to enable the company to develop the product and carry out initial trials. 

Dr Phill Bell, CEO at ART Health Solutions, said: “We’re absolutely delighted that Mercia and the  North East Venture Fund have backed up their initial funding round with this further injection of  capital, demonstrating their commitment to us as a business and their confidence in our ability to  deliver both shareholder and client value. Ultimately the extra capital will support the business in  scaling our products throughout the UK and beyond.” 

Alex Simpson, Investment Manager at Mercia, added: “Employee wellbeing and retention is now a key concern for employers. One Wellbeing sets itself apart from similar apps by including results  from cognitive tests and focusing on the fundamentals of health and performance, such as brain  health and movement. The ART Health team have been using these principles for years in their work  with corporate clients and the launch of the app will enable smaller companies and their employees  to achieve similar benefits.” 

Kevin McDonnell, Non-Executive Chair at ART Health Solutions added: “This significant investment  demonstrates the growing recognition of the importance of employee wellbeing and its impact on  overall business performance. We are thrilled to have the continued support of Mercia in helping us  expand our reach, and ultimately fostering healthier, happier, and more productive workplaces.” 

Luke Philpott from Mincoffs provided legal advice and Kerry Waugh from Ryecroft Glenton Corporate  Finance provided business valuation support to ART Health Solutions, while Oliver Rickett from  Womble Bond Dickinson represented Mercia. 

ENDS  

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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 Connected Capital’. 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. 

The Group has a strong UK footprint through its regional offices, 19 university partnerships and  extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has  c.£800million of assets under management and, since its IPO in December 2014, has invested over  £96million into its direct investment portfolio. Mercia Asset Management PLC is quoted on AIM with  the epic “MERC”. 

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 

www.mercia.co.uk

About The North East Fund 

The North East Fund is a suite of five venture capital and loan funds which was established in April  2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund  managers provide business development advice and investment finance to small and medium sized  enterprises based in the seven Local Authority areas of North East England: Northumberland, North  Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme  encourages investment in and the commercialisation of new technologies, including low carbon  technologies, as well as stimulating new business creation, private investment and entrepreneurialism  in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall  responsibility for the programme, which is delivered through five separate funds, each managed by  independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org 

The North East Fund has been established with funding from the North East of England European  Regional Development Fund programme, the European Investment Bank and from returns on  previous North East based, publicly supported investment funds. It is jointly owned by the seven  North East local authorities. 

About the European Regional Development Fund 

The North East Fund will receive up to £66,500,000 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 Levelling Up, Housing and Communities 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. 

About the European Investment Bank 

The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund  programme. The European Investment Bank is the long-term lending institution of the European  Union owned by its Member States. It makes long-term finance available for sound investment in  order to contribute towards EU policy goals. For more information,  visit: http://www.eib.org/about/index.htm