Wordnerds to ‘scale at pace’ after £1.6 million boost

A tech firm is set to transform how businesses analyse customer feedback thanks to £1.6 million backing.

Wordnerds has received funding to bolster the rollout of its AI-powered customer insight tools.

Used by operators including Sainsbury’s, M&S and Network Rail, the software highlights positive trends in real time, enabling businesses to tailor services to customer needs.

And bosses at the Gateshead-based company says its cash boost will help it “scale at pace” by growing its commercial and product development teams.

The firm received £720,000 investment from Newcastle-based Northstar Ventures, with £160,000 coming from the Northstar EIS Growth Fund and £560,000 from the North East Innovation Fund, supported by the European Regional Development Fund.

The remaining funds were from early-stage investors Stephen Zinser and Leigh Cresswell, alongside a £521,000 grant from Innovate UK’s Future Economy Investor Partnership programme.

Pete Daykin, Wordnerds chief executive, added: “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.”

Tom O’Neill, investment manager at Northstar Ventures, added: “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.”

• Pictured, above, from left to right, are Tom O’Neill, Northstar Ventures investment manager; Steve Erdal, Wordnerds co-founder; Pete Daykin, Wordnerds chief executive and co-founder; and Angela Daykin, Wordnerds co-founder and chief financial officer      Picture: KG Photography