Wordnerds raises £1.6m from Northstar Ventures and other backers to expand its team.
The funding round was backed by Northstar Ventures, early-stage investors and a grant from Innovate UK.
Wordnerds is a software firm based in the North East of England that uses artificial intelligence and behavioural science to interpret unstructured text for corporate clients.
Wordnerds has secured £1.6m in funding to expand its commercial and product development teams. The round includes £720k from two funds managed by Northstar Ventures, alongside contributions from early-stage investors Stephen Zinser and Leigh Cresswell, and a grant from Innovate UK.
The Gateshead-based software company uses artificial intelligence to help major organisations analyse customer feedback from multiple channels. The capital will support the firm as it enters its next phase of growth.
From the founder
"Northstar first invested in Wordnerds back in June 2019. They supported our team and our product through our first few years of rapid growth and have sustained us all along our journey with perspective and practical advice. As we enter a period of strong growth, we are excited to approach a new period of scaling with Northstar Ventures. We are also delighted to welcome new early-stage investors whose experience will be invaluable on the next leg of our journey. With some of the region’s keenest tech and software minds involved with the company at all levels we are confident we have created something remarkable at Wordnerds."
Pete Daykin
CEO at Wordnerds
Investor perspective
"We are very pleased to be providing further investment into Wordnerds, including a commitment from the new Northstar EIS Growth Fund. The team at Wordnerds has developed a sophisticated, market leading AI-enabled product which provides rapid and incisive analysis to consumer facing businesses. They have an impressive list of customers and have grown significantly since our initial investment. This round of funding will help them to grow their commercial and product development teams, which will enable Wordnerds to scale at pace. We’re excited to work with the team on the next stage of their development."
Tom O’Neill
Investment Manager, Northstar Ventures
Use of funds
- 01Grow the team
- 02Continue product development
