Dublin, Ireland-based Spectrum.Life, a provider of employer health and wellbeing services, announced on Friday that it has secured €5M in a funding round led by Act Venture Capital.
Existing and new investors also participated in the round. The latest round brings the company’s total fundraised to €9M.
Spectrum.Life says it will use the funds to further develop and scale its platform, including the expansion of its team and the addition of new features and resources. The Irish company plans to reach 200 employees by the end of the month.
“We are thrilled to have the support of ACT and our other investors as we continue to grow and expand our innovative mental health, wellbeing, and digital health offerings,” says Stephen Costello, CEO of Spectrum.Life.
“Our goal is to make mental health and wellbeing support accessible to everyone, and this funding will allow us to bring our game-changing solutions to even more individuals and organisations,” adds Costello.
Spectrum.Life: Holistic mental health and well-being support
Founded in 2018 by Stuart McGoldrick, Dr. Sarah O’Neill and Stephen Costello, Spectrum.Life provides mental health and well-being services for insurers, employers, employees, and students.
Unlike existing corporate well-being offerings which do not provide treatment/support for people’s mental health needs until they are in crisis, Spectrum.Life says it takes a holistic end-to-end approach to support people in advance of, through, and beyond crisis
At present, it offers a range of holistic supports, including:
- Mental Health and Wellbeing Coaches
- Open-ended Therapy
- Digital Clinics
- Employee benefits advisory
- Financial advice
Currently, Spectrum.Life claims to provide solutions to over 4M users across 2500 clients throughout the UK and Ireland. The company has partnered with the UK’s leading Universities like the University of Kent, Bath Spa University, Middlesex University London, the University of Birmingham, the University of Bath, University of Highlands and Islands.
The company says that in 2022, employers saw a 43 per cent overall increase in productivity, a 94 per cent reduction in those reporting as severely distressed after treatment, and on average.
Only 5 per cent of users needed to be referred to long-term support after 6-8 sessions of counselling, claims the company.
Act Venture Capital: Invests in visionary founders
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 ranges investments from seed to growth.
‘Debbie Rennick, General Partner Act Venture Capital, says, “We are delighted to lead another round of funding into Spectrum Life. We have a strong conviction in this market opportunity and in the Spectrum Life team and platform. The Company’s strong growth and success to date is only the beginning of a great future.”
“We believe that their platform has the potential to make a significant impact on the mental health and well-being of individuals around the world, and we are proud to support their further growth with this investment,” adds Rennick.
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