The North East Fund is a suite of venture capital and loan funds established to invest in regional businesses across North East England. The programme is delivered through five separate funds managed by independent FCA regulated fund managers.
The third investment from Mercia Ventures and the North East Venture Fund will support four new hires and user acquisition.
"This latest round of funding will further assist with our scale up plans to secure more users of the app, through direct and partnership sign ups. It will also help us continue to enhance our technology platform to support the creation of a network of connected users to form a virtual power plant. This will help the National Grid to make the most of households ever growing smart meter network and accelerate the transition to a sustainable and secure energy network."
The Newcastle-based cybersecurity business has raised its second funding round within a year from the North East Venture Fund.
"Cybersecurity is no longer viewed as an optional extra but as an essential service, one that is required for reporting, insurance and governance purposes. Melius’s platform could solve the security headache for many SMEs."
The recruitment platform has raised funding managed by Mercia to support its expansion into the US market.
"Remote working means developers are no longer limited to one location. Haystack offers a ‘safe space’ where our community can research the different opportunities without being bombarded by calls from recruiters. Feedback from our multinational clients shows there is an opportunity to offer the same service in other countries. This new investment will enable us to target the US initially with a view to moving into Europe at a later stage."
The North East Venture Fund backed the Gateshead-based employee wellbeing platform to fund product development and hiring.
"We’re delighted to have raised this capital injection which will act as a catalyst to scaling our business. Our scientific approach to workplace wellbeing, combined with pioneering AI technology, ensures our clients receive evidence-based feedback and insight that really drives efficiencies and optimises employee health. We’re looking forward to reaching more clients across the globe as we develop our proposition and are excited to have the support of Mercia on our journey!"
