Dublin-headquartered Spectrum.Life has raised €5 million in funding as the company seeks to make mental health and wellbeing support accessible to everyone.
The round, which was led by Act Venture Capital and was oversubscribed, brings to €8 million the total equity funding raised by the company. It also brings new private investors to Spectrum.Life.
Spectrum.Life provides mental health and wellbeing services for insurers, employers, employees and students. It offers around-the-clock access to mental health and wellbeing support with an end-to-end service to more than 2,500 companies in Britain and Ireland. Among its clients are Aldi, Tesco and Primark. It also provides a white-label product that allows insurance companies, such as Laya Healthcare, to offer it to their clients under the insurance company’s own brand.
The company plans to use the funding to develop its platform further.
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It employs 200 people and plans to add more staff as a result of the funding round, with chief executive Stephen Costello estimating the company would grow to between 250 and 275 staff by the end of the year as the company continues its rapid growth.
“Because of our model, when we win customers and we grow revenues, we naturally hire people to serve those customers,” he said.
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Spectrum.Life is also aiming to double the number of people who have access to its services by the end of the year.
Established by Stuart McGoldrick, along with co-founders Mr Costello and Sarah O’Neill in 2018, the company has seen rapid expansion, growing more than 50 per cent year on year and is targeting more than 70 per cent growth in 2023.
“We have strong conviction in this market opportunity and in the Spectrum.Life team and platform,” said Debbie Rennick, general partner at Act Venture Capital. “The company’s strong growth and success to date is only the beginning of a great future. We believe that their platform has the potential to make a significant impact on the mental health and wellbeing of individuals around the world, and we are proud to support their further growth with this investment.’’
