Digital health company Spectrum.Life raises €17m and plans new hires

The company has experienced 60% revenue growth in 2023 and is expected to exceed 50% in 2024

Digital health company Spectrum.Life has announced a €17 million investment round. Act Venture Capital led the round with participation from existing investors. The group plans to use the money to hire more than 100 workers over the next 18 months and boost its growth.

Spectrum.Life says it delivers clinically backed digital health, mental health and wellbeing solutions to organisations and their people.

“With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare,” company founder Stuart 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 healthtech solutions that deliver digital health transformation for insurers, educators and employers.”

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Established in 2018, the company saw revenue grow 60 per cent last year and is expected to see 50 per cent growth in 2024 with more than three-quarters of new business coming from outside of Ireland.

Since its launch in the UK market in 2020, the company has built a list of insurance, corporate and university clients and more than 50 per cent of revenue in 2024 will be in the UK market.

Spectrum.Life looks after 7.2 million individuals in Britain and Ireland, across multiple insurers, 3,000 corporate clients and 50 UK universities. The company employs 260 people, including more than 125 clinicians, with 50 per cent based in the UK.

“We are building our company in a sustainable way and continued profitability is a core focus,” said Mr McGoldrick. “We are thrilled to have the support of our investors and funders as we continue to grow.

“This funding will allow us to broaden our solutions and venture into new markets, while maintaining capital efficiency. Our pipeline is exceptionally strong, and we are on course to reach €100 million in revenue by 2028.”

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter