Spectrum.Life, based out of Dublin, is a B2B mental health & wellness platform that provides a clinically-backed product suite of tools and training. In a recent development, the company announced that it has raised €3M in a fresh round of funding from Act Venture Capital.
Speaking about his startup, Stephen Costello, CEO & co-founder of Spectrum.Life says, “There are over 300,000 apps already out there focused on Health and Wellbeing. We didn’t want to be just one more. For us, it’s about getting people the support, help or motivation they need – not just more technology. We’re about matching our services with the interventions and services for people to live their best lives and thrive.”
Currently, the company supports more than 1,250 organisations in looking after the mental health and wellbeing needs of over 750,000 individuals, and their families.
Spectrum.Life – “A workplace wellbeing platform”
The company says it is on a mission to make clinical standards the benchmark for workplace wellbeing practices. And it is doing that by providing quality mental health support and wellbeing coaching, through its integrated health and wellbeing product suite.
The suite contains counselling support along with thousands of e-learning and content modules across fitness, nutrition and lifestyle delivered by accredited, experienced professionals.
Spectrum.Life was founded in 2018 by Stuart McGoldrick along with co-founders Dr. Sarah O’Neill and Stephen Costello. It’s clients include employers, insurance providers, Universities and primary care.
The company reported that it is currently facilitating over 7,500 mental health and physical health consultations on a monthly basis, along with digital health and wellbeing live streams which have attracted over 150,000 attendees since March 2020.
Dr. Sarah O’Neill, Chief Clinical Officer, co-founder & Chartered Psychologist at Spectrum.Life, says, “Measuring the clinical effectiveness of our interventions is critical to us in providing value to our clients and assessing the quality of our services. As an example we can see after using our mental health services, those experiencing severe psychological distress falls by 90 per cent and those reporting as healthy rises by 20x. We’re now seeing record levels of utilisation of all of our services as service users seek support.”
Besides having experienced professionals on their team, Spectrum.Life has also strengthened its Board with Gareth Morgan, former vice-president of Google Cloud joining and becoming a shareholder in 2020; alongside Alison Platt, former MD of BUPA International and current non-executive Director at Tesco; and, Chairman Gareth Chick, a former CFO and CEO of both public and private companies.
Funds for expansion in Europe and more
The raised capital from this round will be used to triple Spectrum.Life’s R&D team as it doubles down on product and engineering needed for virtual interventions and services.
Stephen Costello, co-founder of Spectrum.Life, says, “We were incredibly nimble over the course of the pandemic as the demand from employers in particular increased, as they knew this was a challenging time for their teams. With this investment, we’ll be able to take our virtual counselling and coaching products to the next level, through the use of AI and machine learning – giving our coaches and clients all the tools they need to succeed in their goals.”
The funds will also be used for the continued expansion into the UK market, as well as into other international markets in Europe, Asia, Australia, and New Zealand.
The company also looks to hire talents across sales, marketing and partnership development for its Manchester office. Spectrum.Life says it has witnessed success in entering the UK market over the last 18 months, and now serves over 150 organisations across 175,000 users there.
Act Venture Capital invests in people
The firm was founded in 1994, and based in Dublin, Ireland. Act Venture Capital partners with visionary founders from startup to scale-up to help them scale into large, category-defining companies by investing in them early. It invests across technology sectors and range investments from seed to growth.
Act has raised over €500M across multiple funds and this investment in Spectrum.Life is made from its fifth fund, Act V.