Digital health start-up Spectrum.Life raises €17m for expansion

27 May 2024

Spectrum.Life CEO Stephen Costello and executive chair Stuart McGoldrick. Image: Spectrum.Life

Spectrum.Life is expanding rapidly across Ireland and the UK and plans to use the fresh funds to grow its team and reach new customers.

Irish digital health start-up Spectrum.Life has raised €17m to expand into new markets, after reaching profitability with its online offerings.

The funding round was led by Act Venture Capital and included participation from existing investors. Spectrum.Life plans to use the funding to become a leading digital health partner for various organisations such as insurers, universities and corporations.

Established in 2018, the company provides digital and mental health and wellbeing support to thousands of organisations across Ireland and the UK. It aims to decrease digital fragmentation by providing various digital health services for organisations.

The start-up said it experienced revenue growth of 60pc in 2023 and expects to exceed 50pc growth in 2024, with more than 75pc of new business coming from outside of Ireland. Spectrum.Life entered the UK market in 2020 and expects more than 50pc of its revenue in 2024 to come from this market.

The company currently employs more than 260 people and plans to recruit more than 100 new hires over the next 18 months to accelerate its growth trajectory. Most of the roles available on the company’s  careers page are for fitness and healthcare professionals, but there are also some developer roles on offer.

Spectrum.Life co-founder and executive chair Stuart McGoldrick said the fresh investment will help the company “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 revolutionise healthcare,” McGoldrick said. “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 health-tech solutions that deliver digital health transformation for insurers, educators and employers.”

Last month, Dr Emelina Ellis, chief clinical operations officer of Spectrum.Life, explained how tech can bring mental health support to more people, the value of taking calculated risks and how she creates an open work environment for her team.

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Leigh Mc Gowran is a journalist with Silicon Republic