Irish healthtech startup Spectrum.Life closes €17m investment round to accelerate international growth

Irish healthtech startup Spectrum.Life closes €17m investment round to accelerate international growth

Published: 27-05-2024 15:46:00 | By: Pie Kamau | hits: 803 | Tags:

Spectrum.Life, an Irish healthtech startup that delivers clinically backed digital health, mental health and wellbeing solutions to organisations and their people, has announced a €17 million investment round. The round was led by Act Venture Capital with participation from existing investors.

With this investment, Spectrum.Life will continue to drive its vision to change and save as many lives as possible and become the leading Healthtech and digital health partner to insurers, universities, and corporations.

Stuart McGoldrick, Executive Chairman and Founder, Spectrum.Life: ''With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare. We are a 2nd 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 revolutionize 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, the Company has experienced strong 60% revenue growth in 2023 and is expected to exceed 50% growth again in 2024 with over ¾ 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% of revenue in 2024 will be in the UK market.

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. 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.

Debbie Rennick, General Partner, 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. 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. 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 prioritize 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.''

www.spectrum.life

 

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