Spectrum.Life: Pioneering Healthcare Transformation with a €17M Investment Boost
May 28, 2024, 9:31 am
Location: Ireland, Dublin City, Dublin
Employees: 51-200
Founded date: 2018
Total raised: $27.38M
Spectrum.Life, a cutting-edge digital health provider, has recently closed a substantial €17 million investment round led by Act Venture Capital, signaling a significant milestone in the company's journey towards revolutionizing healthcare on a global scale. This fresh injection of funds will enable Spectrum.Life to accelerate its international growth and solidify its position as a leader in the rapidly evolving healthtech landscape.
Founded in 2018 by Stuart McGoldrick and Stephen Costello, Spectrum.Life has quickly emerged as one of Europe's fastest-growing digital health providers, catering to over 7.2 million lives with its clinically backed digital health, mental health, and wellbeing solutions. The company's recent rebranding reflects its commitment to ushering in a new era of healthcare and wellbeing, driven by a vision to change and save as many lives as possible.
Stuart McGoldrick, the Executive Chairman and Founder of Spectrum.Life, expressed his excitement about the investment, stating, "With this fresh infusion of capital, we are poised to deliver on our ambitious plans to lead the market in digitally delivered healthcare. As a 2nd Generation digital health provider, we believe that Spectrum.Life's unique blend of clinical expertise and proven track record in scaling digital technologies presents a genuine opportunity to revolutionize healthcare."
The company's focus on elevating patient satisfaction and outcomes within a commercially sustainable model underscores its commitment to driving positive change in the healthcare industry. By embracing integrated Healthtech solutions, Spectrum.Life aims to transform digital health delivery for insurers, educators, and employers, setting a new standard for accessible and effective healthcare services.
With a team of experienced clinicians and professionals, Spectrum.Life has positioned itself for continued growth and success. Dr. Paula Franklin, former global Chief Medical Officer of Bupa Group, has joined the company's board and chairs the Clinical Advisory Board, bringing valuable insights and expertise to further enhance Spectrum.Life's offerings.
In addition to its impressive revenue growth of 60% in 2023, Spectrum.Life is on track to exceed 50% growth again in 2024, with a significant portion of new business originating from markets outside of Ireland. Since expanding into the UK market in 2020, the company has secured a diverse portfolio of insurance, corporate, and university clients, with over half of its projected 2024 revenue expected to come from the UK.
Looking ahead, Spectrum.Life aims to reach €100 million in revenue by 2028, a testament to its commitment to sustainable growth and profitability. The company's strategic partnerships, including unwavering support from Laya Healthcare, have been instrumental in driving its success and expanding its reach in key markets.
Debbie Rennick, General Partner at Act Venture Capital, emphasized the importance of Spectrum.Life's mission-driven approach and its potential to positively impact mental and general health globally. By prioritizing Environmental, Social, and Governance (ESG) impact, Spectrum.Life not only drives positive change but also attracts top-tier talent and delivers superior returns for investors.
As Spectrum.Life continues to grow and innovate, the company's dedication to advancing accessibility to digitally enabled health solutions remains unwavering. With a strong foundation, a visionary leadership team, and a commitment to excellence, Spectrum.Life is poised to lead the charge in transforming healthcare and improving lives on a global scale.
Founded in 2018 by Stuart McGoldrick and Stephen Costello, Spectrum.Life has quickly emerged as one of Europe's fastest-growing digital health providers, catering to over 7.2 million lives with its clinically backed digital health, mental health, and wellbeing solutions. The company's recent rebranding reflects its commitment to ushering in a new era of healthcare and wellbeing, driven by a vision to change and save as many lives as possible.
Stuart McGoldrick, the Executive Chairman and Founder of Spectrum.Life, expressed his excitement about the investment, stating, "With this fresh infusion of capital, we are poised to deliver on our ambitious plans to lead the market in digitally delivered healthcare. As a 2nd Generation digital health provider, we believe that Spectrum.Life's unique blend of clinical expertise and proven track record in scaling digital technologies presents a genuine opportunity to revolutionize healthcare."
The company's focus on elevating patient satisfaction and outcomes within a commercially sustainable model underscores its commitment to driving positive change in the healthcare industry. By embracing integrated Healthtech solutions, Spectrum.Life aims to transform digital health delivery for insurers, educators, and employers, setting a new standard for accessible and effective healthcare services.
With a team of experienced clinicians and professionals, Spectrum.Life has positioned itself for continued growth and success. Dr. Paula Franklin, former global Chief Medical Officer of Bupa Group, has joined the company's board and chairs the Clinical Advisory Board, bringing valuable insights and expertise to further enhance Spectrum.Life's offerings.
In addition to its impressive revenue growth of 60% in 2023, Spectrum.Life is on track to exceed 50% growth again in 2024, with a significant portion of new business originating from markets outside of Ireland. Since expanding into the UK market in 2020, the company has secured a diverse portfolio of insurance, corporate, and university clients, with over half of its projected 2024 revenue expected to come from the UK.
Looking ahead, Spectrum.Life aims to reach €100 million in revenue by 2028, a testament to its commitment to sustainable growth and profitability. The company's strategic partnerships, including unwavering support from Laya Healthcare, have been instrumental in driving its success and expanding its reach in key markets.
Debbie Rennick, General Partner at Act Venture Capital, emphasized the importance of Spectrum.Life's mission-driven approach and its potential to positively impact mental and general health globally. By prioritizing Environmental, Social, and Governance (ESG) impact, Spectrum.Life not only drives positive change but also attracts top-tier talent and delivers superior returns for investors.
As Spectrum.Life continues to grow and innovate, the company's dedication to advancing accessibility to digitally enabled health solutions remains unwavering. With a strong foundation, a visionary leadership team, and a commitment to excellence, Spectrum.Life is poised to lead the charge in transforming healthcare and improving lives on a global scale.