Wakefield-based ‘stress-tech’ start-up receives £300k investment
A Wakefield-based company on a mission to revolutionise the way workplace stress is measured and managed in organisations has secured £300,000 investment.
BioStress Lab was co-founded in 2020 by entrepreneurs Tim Wade and Tim Routledge to tackle workplace stress, a problem which the World Health Organisation estimates costs the global economy $1 trillion each year in lost productivity. Using advanced biometric data, BioStress Lab is able to objectively measure stress and then identify improvements in wellbeing and productivity via its BIO programme while also reducing costs for the employer in terms of sickness absence and staff turnover.
In their efforts to pursue the next step in their investment journey, BioStress Lab underwent a series of extensive investment-readiness training sessions with NorthInvest. Following a successful pitch to investors from the NorthInvest and Newcastle Angel Hub networks, the company received £150,000 in angel investment.
In addition to this, the company received a £150,000 grant from Innovate UK via the Regional Angel Investment Accelerator (RAIA) programme. The RAIA programme is led by the North East Business and Innovation Centre (BIC) and delivered by NorthInvest and the Innovation SuperNetwork in partnership with the UK Business Angels Association.
Funding will be used to develop the software platform to enable the rapid scaling of the business.
Tim Wade CEO of BioStress Lab, said “We are excited to be taking this big step to revolutionise workplace stress management and tackle the debilitating economic and health effects of stress. We would like to thank our investors, Innovate UK and NorthInvest – this funding will help further develop our technology and accelerate our global growth.”
Jordan Dargue, Board Director of NorthInvest and Head of Access to Finance at the Innovation SuperNetwork said “Having worked closely with BioStress Lab on refining their pitch and proposition during one of our investor-readiness programmes, it’s extremely rewarding to see them receive such a big investment. This round is another example of the influence that the RAIA programme can have in attracting angel investment. We’re delighted with the result and can’t wait to see how far the team can go in 2022 and beyond.”
