HealthTech firm Spectrum.Life closes €17m investment round as it preps international growth
Spectrum.Life, which delivers clinically backed digital health, mental health and wellbeing solutions to organisations and their people, has announced a €17 million investment round.
This was led by Act Venture Capital with participation from existing investors.
€8 million in equity was raised prior to this round.
Stuart McGoldrick, Executive Chairman and Founder of Spectrum.Life, comments: “With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare.”
“We are a second generation digital health provider, and we firmly believe that Spectrum.Life's blend of clinical acumen and successful track record in scaling digital technologies presents a genuine opportunity to revolutionise healthcare. Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility.”
“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.”
Established in 2018, Spectrum.Life has recently strengthened its board with Dr. Paula Franklin, former global Chief Medical Officer of Bupa Group, who also chairs the company's Clinical Advisory Board.
It currently looks after 7.2 million individuals in the UK and Ireland, across multiple insurers, 3,000 corporate clients and 50 UK universities. The company employs over 260 people, including over 125 clinicians, with 50% based in the UK. With the aforementioned investment, it plans to facilitate the recruitment of over 100 new hires over the next 18 months and accelerate its growth trajectory.
“I am incredibly proud of our exceptional team that Stephen Costello, my co-founder and the company’s CEO, has built. Their dedication and passion have powered our remarkable journey and enabled us to seize growth opportunities over the past years,” McGoldrick says.
“We would not be here without them. Equally, the close relationships with our clients and customers are crucial to supply clinical excellence. I must also thank Laya healthcare who have been unwavering supporters of us since our formation. We have launched some new key strategic partnerships this year and are excited about others that will be launching over the coming weeks and months.”
He adds: “We are building our company in a sustainable way and continued profitability is a core focus. We are thrilled to have the support of our investors and funders as we continue to grow.”
“This funding will allow us to broaden our solutions, and venture into new markets, while maintaining capital efficiency. Our pipeline is exceptionally strong, and we are on course to reach €100 million in revenue by 2028.”
Debbie Rennick, General Partner at Act Venture Capital, says: "Having led their first raise in 2021, we are thrilled to announce our continued support for Spectrum.Life in this funding round.”
“The exceptional team led by Stuart McGoldrick and Stephen Costello have demonstrated unparalleled dedication in advancing accessibility to digitally enabled health solutions in a very fragmented market. We are confident that this investment will propel Spectrum.Life to even greater heights in the international healthcare market.”
She adds: “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.”
“Companies that prioritise their environmental, social, and governance (ESG) impact not only drive positive change but also tend to attract top-tier talent and deliver superior returns for investors.”
