Regulatory and training tech business Moralbox has secured £550,000 investment led by Northstar Ventures.
The Sunderland-based business, co-founded in 2013, helps firms with training and compliance management, particularly in high-risk, labour intensive industries such as food and drink production, manufacturing and car. Moralbox automatically tracks every skill, certificate and requirement in real time, giving managers visibility and cutting admin.
The firm has deals with customers such as Thompsons of Prudhoe and Cranswick Yorkshire Baker, part of food giant Cranswick Foods. It now has ambitious plans to scale up rapidly, saying it wants to build "the first unified workforce intelligence ecosystem" which will enable organisations to spot talent, identify skill gaps, organise bookings and deliver digital learning.
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The funding includes £350,000 from Northstar's Venture Sunderland Fund, £150,000 from Creative 海角视频’s North East Fund and £50,000 from angel investors. As part of the deals, Steve Spark has joined the business as chair, bringing experience from software as a service firms including Mandata and 4Projects.
Tom O’Neill, investment manager at Northstar Ventures, said: “We are very pleased to complete our investment in Moralbox, which is the third investment from our Venture Sunderland Fund. The Fund supports innovative and scalable businesses with ambitious teams in Sunderland at all stages of their development.
"Moralbox is developing impressive AI powered training management software and is already working with well-established customers in key industries. We look forward to working with Gordon, John, Steve and the entire Moralbox team to accelerate the company’s growth.”
Gordon MacPherson, co-founder and CEO, said: “This investment is a hugely exciting step for Moralbox and for the North East’s growing tech community. We’re proud to be based in Sunderland at a time of incredible innovation and momentum across the city, and to be building a highly skilled team that’s passionate about transforming how organisations manage workforce training, compliance and development.
"With the backing of Northstar Ventures, Creative 海角视频 and our angel investors, we can accelerate innovation, scale faster and bring our vision for AI-powered workforce intelligence to life. It’s a major milestone for our team and a significant step forward in our growth journey.”
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Malcolm King, investment manager, Creative 海角视频, added: "We are seeing a fundamental shift in required skillsets and training requirements within the creative industries, driven by continued advancements in technology. As we work to support and strengthen the region’s creative and innovation-led economy, we are delighted to support businesses like Moralbox.
"Their AI powered training management software is transforming how businesses can manage their training and compliance requirements in this ever-evolving world, and we welcome their commitment to supporting the creative industries. The company can deliver real impact for the North East economy, and we’re proud to support them at this stage in their journey."