Dublin mental health platform Spectrum.Life raises €5m

10 Feb 2023

Spectrum.Life CEO Stephen Costello. Image: Spectrum.Life

With more than 4m users across 2,500 clients in Ireland and the UK, the start-up expects to reach 200 employees by the end of the month.

Irish mental health start-up Spectrum.Life has raised €5m in its latest funding round to expand its corporate wellbeing service.

Based in Dublin, the company provides mental health and wellbeing services for insurers, employers, employees and students. The Spectrum.Life platform includes a range of supports from mental health coaches and open-ended therapy to digital clinics and financial advice.

Founded in 2019, Spectrum.Life pitches itself as a service that “takes a holistic end-to-end approach to support people in advance of, through and beyond crisis” in order to change the current “cookie-cutter” approach to mental health.

“Our goal is to make mental health and wellbeing support accessible to everyone, and this funding will allow us to bring our game-changing solutions to even more individuals and organisations,” said Spectrum.Life chief executive Stephen Costello.

The latest funding, led by Act Venture Capital and with participation from new and existing investors, will be used to further develop and scale the Spectrum.Life platform. The company will expand its team and add new features to the platform.

With more than 4m users across 2500 clients in Ireland and the UK, Spectrum.Life expects to reach 200 employees by the end of the month.

In the UK, the company has partnerships with some leading insurers, healthcare providers and even universities – including the University of Kent, Middlesex University London, the University of Birmingham and the University of Bath.

Debbie Rennick, general partner at Act Venture Capital, said that the firm has a “strong conviction” in the market opportunity presented by the Spectrum.Life team and platform.

“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,” she said.

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Vish Gain is a journalist with Silicon Republic