Wordnerds Secures £1.6m Funding Round Led by Northstar Ventures
Deal News | Dec 12, 2024 | Northstar Ventures
Northstar Ventures has led a £1.6 million funding round into Wordnerds, a Gateshead-based company specializing in AI-powered customer feedback analysis. This investment is part of Northstar's commitment to fostering innovative startups in the North East of England. Wordnerds has received £720,000 of the funding from Northstar's funds, with £160,000 from the new Northstar EIS Growth Fund and £560,000 from the North East Innovation Fund, which is backed by the European Regional Development Fund. The rest of the funding comes from early-stage investors Stephen Zinser and Leigh Cresswell, and a £521,000 Innovate UK grant. Wordnerds' tool allows companies to transform large amounts of customer feedback into actionable insights using customized AI models, benefiting a clientele that includes Sainsbury's, M&S, and the Department for Work and Pensions. With this funding, Wordnerds plans to expand its commercial and product development teams to scale its operations further.
Sectors
- Artificial Intelligence
- Venture Capital
- Customer Insights
Geography
- United Kingdom – The article focuses on entities based in the United Kingdom, particularly in Gateshead and the North East of England.
Industry
- Artificial Intelligence – Wordnerds utilizes AI technology to analyze customer feedback, making AI a fundamental part of its product offerings and industry classification.
- Venture Capital – Northstar Ventures' involvement as the leading investor in the funding round places this article within the venture capital industry classification.
- Customer Insights – Wordnerds is focused on providing businesses with actionable customer insights, classifying it within the customer insights sector.
Financials
- £1.6 million – Total funding raised in the round led by Northstar Ventures for Wordnerds.
- £720,000 – Funded by Northstar Ventures through its EIS Growth Fund and North East Innovation Fund.
- £521,000 – Grant received from Innovate UK's Future Economy Investor Partnership.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Northstar Ventures | Lead Investor | Company | A venture capital and social investment company based in the North East of England. |
| Wordnerds | Target Company | Company | An AI-powered customer feedback analysis provider based in Gateshead. |
| Stephen Zinser | Investor | Person | An early-stage investor in Wordnerds. |
| Leigh Cresswell | Investor | Person | An early-stage investor in Wordnerds. |
| Innovate UK Future Economy Investor Partnership | Grant Provider | Company | Provided a £521,000 grant in the funding round. |
| European Regional Development Fund | Supporter | Company | Supported part of the funding through the North East Innovation Fund. |