Investors from the LCR Angel Network are backing LUME, a Liverpool business that has created a digital mental health platform for workplaces. Tony McDonough reports
A Liverpool business that has created a digital mental health platform for workplaces has secured a “significant investment” from the LCR Angel Network.
Co-founder and chief executive of LUME attended one of the LCR Angel Network’s recent digital events to pitch his business to a virtual room of angel investors. Several angels, including entrepreneur Geoffrey Bibby, decided to inject cash into the business.
Angel investors are wealthy individuals who provides capital for a early stage businesses or start-ups, usually in exchange for convertible debt or ownership equity. This method has been popularised by the BBC reality show Dragons’ Den.
The LUME app enables companies to better track employee mental health and identify what is impacting it. This makes it possible for businesses to proactively prevent mental health problems, rather than reacting after the event.
The angel syndicate’s investment will allow LUME to fully launch their service and achieve product market fit. They intend to build the team to allow them to scale and expand their platform, services and resources library as the app develops.
The majority of the companies the network showcases are city region-based, as are most of its angel investors. Chris Bradley said: “LUME was born out of seeing first-hand just how much work impacts mental health, and how much mental health impacts work.
“When you think about it, both sides of this equation demand meaningful change. As people we want work that we find fulfilling and supports us to thrive in our lives, and as a company we want to support our people in being their best, because if our people thrive the business thrives.
“So, we are on a mission to realise this vision, of building better places to work and helping people to thrive in life. The LCR Angel Network has helped us to get a step closer to this vision, through a fantastic event that put us in front of the right people.”
Geoffrey Bibby added: “Through the LCR Angel Network I have seen a number of amazing companies pitching for investment. LUME was one of the companies that managed to attract both mine and other Angels interest.
“This means we were able to team up to get to an investment stage. Being part of LUME’s future journey should be an exciting experience.”
The LCR Angel Network was co-founded by Mark Rathbone, a partner at Liverpool law firm Brabners and Liverpool-based business loan and equity provider MSIF. It was set up in 2018 to support early stage high growth businesses.
Marc d’Abbadie, head of equity at MSIF’s wholly-owned subsidiary AFM, also said: “This is the seventh investment the LCR Angel Network’s introductions have facilitated since the network was founded by Brabners and MSIF in 2018.
“Several other propositions remain under significant negotiation between angels and businesses, and further positive news is expected in the near future.”