Spectrum.Life Secures €17 Million for International Growth
Spectrum.Life has raised €17 million to expand its digital health services and accelerate international growth, highlighting the growing demand for innovative healthtech solutions.
A Significant Milestone for HealthTech
Spectrum.Life, a Dublin-based HealthTech company, has made headlines with its recent closure of a €17 million investment round. The round was led by Act Venture Capital, with the participation of existing investors. This funding marks a significant milestone for Spectrum.Life as it aims to revolutionize healthcare through its digital health, mental health, and wellbeing solutions.
What Sets Spectrum.Life Apart
Founded in 2018 by Stuart McGoldrick and Stephen Costello, Spectrum.Life has quickly established itself as a leader in digitally delivered healthcare. The company integrates clinical expertise with scalable digital technologies to elevate patient satisfaction and outcomes. Their goal is to provide seamless digital health solutions that are accessible, sustainable, and profitable.
How Spectrum.Life Works
Spectrum.Life offers a range of digital health services that cater to insurers, educators, and employers. By leveraging clinically backed digital tools, the company addresses mental health and wellbeing, ensuring comprehensive care for its users. The platform’s integrated tools aim to decrease digital fragmentation, engage users, and transform lives. Currently, Spectrum.Life serves 7.2 million individuals in the UK and Ireland.
Leadership and Vision
The company’s leadership team, including Executive Chairman Stuart McGoldrick and CEO Stephen Costello, has been pivotal in driving its growth. The recent addition of Dr. Paula Franklin, former global Chief Medical Officer of Bupa Group, to the board, further strengthens Spectrum.Life’s clinical expertise. This strategic move underscores the company’s commitment to delivering high-quality healthcare solutions.
Future Growth and Expansion
With the fresh investment, Spectrum.Life plans to hire over 100 new employees within the next 18 months. The company also aims to broaden its solutions and enter new markets, targeting revenue of €100 million by 2028. Debbie Rennick, General Partner at Act Venture Capital, praised Spectrum.Life’s mission-driven approach and its potential to impact mental and general health globally.
Commitment to Sustainability
Spectrum.Life places a strong emphasis on sustainability and profitability. The company recorded 60% revenue growth last year and expects to see a further 50% increase this year, with projected revenues exceeding €25 million in 2024. Spectrum.Life’s focus on environmental, social, and governance (ESG) impact not only drives positive change but also attracts top-tier talent and delivers superior returns for investors.