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Employee Health & Wellness Startup Spectrum.Life Bags €17 Mn Investment

Written by : Arti Ghargi

May 28, 2024

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Image Source: Spectrum.Life website

With this investment, Spectrum.Life plans to accelerate its expansion by recruiting over 100 new employees in the next 18 months.

Spectrum.Life, a provider of clinically-backed digital health, mental health, and wellbeing solutions, has announced a €17 million investment round.

The funding was led by Act Venture Capital with participation from existing investors.

The fresh capital infusion will fuel the company's growth plans and solidify its position as a leading healthtech partner, the startup said.

Spectrum.Life aims to become the go-to healthtech provider for insurers, universities, and corporations.

With this investment, Spectrum.Life plans to accelerate its expansion by recruiting over 100 new employees in the next 18 months.

The company emphasizes its "second-generation" approach, combining clinical expertise with scalable digital technology solutions.

This focus on accessibility is central to their mission, highlighted Stuart McGoldrick, Spectrum.Life's executive chairman and founder.

According to him, this fresh investment can deliver their plans to be the market leader in digitally delivered healthcare.

“We believe Spectrum.Life’s blend of clinical acumen and successful track record in scaling digital technologies presents a genuine opportunity to revolutionize healthcare,” he added.

Spectrum.Life’s Offerings & Plans for Market Expansion

The Dublin-based healthtech startup was founded by Sarah O'Neill, Stephen Costello, Stuart McGoldrick in 2018.

Spectrum.Life provides a comprehensive digital platform that offers a full spectrum of health, mental health, and wellbeing services to its clients, which include insurers, workplaces, and educational institutions.

Per the startup, it unifies all of its clients' digital health and wellbeing journeys under one platform, providing a seamless and integrated experience.

According to Spectrum.Life’s website, its services extend internationally, providing support in over 35 languages around the globe.

Currently, it serves over 7.2 million individuals in the UK and Ireland.

The company said it has experienced impressive growth, with 60% revenue increase in 2023 and projected growth exceeding 50% in 2024.

Furthermore, over 75% of its new business originates outside of Ireland.

Act Venture Capital, a lead investor in this round, reiterated its support for Spectrum.Life's mission.

Debbie Rennick, general partner at Act Venture Capital, emphasizes the company's dedication to making healthcare solutions accessible within a fragmented market.

“The exceptional team led by Stuart McGoldrick and Stephen Costello have demonstrated unparalleled dedication in advancing accessibility to digitally enabled health solutions,” Rennick said.


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