Dublin-based Spectrum.Life, a mental health and wellbeing digital provider, announced that it has secured €17M in a fresh round of funding. Act Venture Capital led the investment with participation from existing investors.
Debbie Rennick, General Partner at Act Venture Capital, says, “Having led their first raise in 2021, we are thrilled to announce our continued support for Spectrum.Life in this funding round.”
“The exceptional team led by Stuart McGoldrick and Stephen Costello have demonstrated unparalleled dedication in advancing accessibility to digitally enabled health solutions in a very fragmented market.”
“We are confident that this investment will propel Spectrum.Life to even greater heights in the international healthcare market.”
Rennick adds, “Aside from their strong financial growth, Spectrum.Life’s platform holds immense potential to positively impact mental and general health globally, and we’re excited to be supporting them in their next phase.”
“Companies that prioritise their Environmental, Social, and Governance (ESG) impact not only drive positive change but also tend to attract top-tier talent and deliver superior returns for investors.”
Capital utilisation
With this funding, Spectrum.Life plans to expand its digital health solutions to new markets and aims to become a “leading” partner for insurers, universities, and businesses, working to improve and save lives.
Stuart McGoldrick, Executive Chairman and Founder of Spectrum.Life, says, “With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare.”
“We are a 2nd Generation digital health provider, and we firmly believe that Spectrum.Life’s blend of clinical acumen and successful track record in scaling digital technologies presents a genuine opportunity to revolutionise healthcare.”
“Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility.”
“This milestone not only marks a significant achievement for Spectrum.Life, but also signals the wider market’s shift towards embracing integrated Healthtech solutions that deliver digital health transformation for Insurers, Educators and Employers”, added McGoldrick.
A workplace wellbeing platform
Founded in 2018 by Stuart McGoldrick and Stephen Costello, Spectrum.Life is a digital health company that helps organisations and their people thrive with clinically-backed health, mental health, and wellbeing solutions.
The company offers an integrated health and wellbeing product suite which includes counselling support and thousands of e-learning and content modules on fitness, nutrition, and lifestyle. Accredited professionals deliver these services.
Spectrum.Life’s technology offers customised or ready-made solutions for insurers, educators, and employers, reducing digital confusion and improving lives. Spectrum.Life serves over 7.2 million insurance members, 3,000 corporate clients, and 650,000 university students worldwide.
Spectrum.Life claims to have witnessed a 60 per cent revenue growth in 2023 and expects to grow by over 50 per cent in 2024, with “over ¾” of new business coming from outside Ireland.
Since entering the UK market in 2020, the company has gained many insurance, corporate, and university clients, with over half of its 2024 revenue expected to come from the UK.
Spectrum.Life recently strengthened its board by adding Dr. Paula Franklin, the former global Chief Medical Officer of Bupa Group. She also chairs the company’s Clinical Advisory Board.
Aims to reach “€100M in revenue by 2028”
Founder McGoldrick, says, “I am incredibly proud of our exceptional team that Stephen Costello, my co-founder and the company’s CEO, has built. Their dedication and passion have powered our remarkable journey and enabled us to seize growth opportunities over the past years. We would not be here without them.”
“Equally, the close relationships with our clients and customers are crucial to supply clinical excellence. I must also thank Laya Healthcare who have been unwavering supporters of us since our formation.”
“We have launched some new key strategic partnerships this year and are excited about others that will be launching over the coming weeks and months.”
McGoldrick also emphasised fiscal responsibility in expansion plans, saying, “We are building our company in a sustainable way and continued profitability is a core focus. We are thrilled to have the support of our investors and funders as we continue to grow.”
“This funding will allow us to broaden our solutions, and venture into new markets while maintaining capital efficiency. Our pipeline is exceptionally strong, and we are on course to reach €100M in revenue by 2028.”
Spectrum.Life, which will surpass €25M in revenue this year, is experiencing growth in the UK market. Since launching there in 2020, over 50 per cent of its revenue now comes from the UK, with growth exceeding 200 per cent in the last 12 months.
Currently, the company has over 260 employees, including 125 clinicians, with half of the staff in the UK. With the new investment, Spectrum.Life plans to hire over 100 more people in the next 18 months and continue growing.
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