Irish healthtech company Spectrum.Life, who delivers clinically backed digital health, mental health and wellbeing solutions to organisations and their people, has announced a €17 million investment round.
Spectrum.Life currently looks after 7.2 million individuals in the UK and Ireland, across multiple insurers, 3000 corporate clients and 50 UK universities. The Company currently employs over 260 people, including over 125 clinicians, with 50 percent based in the UK.
Established in 2018, the Company has experienced strong 60 per cent revenue growth in 2023 and is expected to exceed 50 per cent growth again in 2024 with over three-quarters of new business coming from outside of Ireland.
Since its launch in the UK market in 2020, the Company has built an impressive list of insurance, corporate and university clients and over 50 per cent of revenue in 2024 will be in the UK market.
Stuart McGoldrick, Executive Chairman and Founder of Spectrum.Life, commented:
“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.”
We are building our company in a sustainable way and continued profitability is a core focus.
Our pipeline is exceptionally strong, and we are on course to reach €100 million in revenue by 2028.”
Act Venture Capital led the funding with participation from existing investors.
According to Debbie Rennick, General Partner at Act Venture Capital:
"Having led their first raise in 2021, we are thrilled to announce our continued support for Spectrum.Life in this funding round.
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."
With this investment, Spectrum.Life plans to facilitate the recruitment of over 100 new hires over the next 18 months and accelerate its growth trajectory.
Lead image: Spectrum.Life founders: Stephen Costello and Stuart_McGoldrick. Photo: uncredited.
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