Spectrum.Life funding news – Dublin-based Spectrum.Life Secures €17 Million in Funding

With this investment, it will be able to carry out its mission to transform and save as many lives as it can, as well as to establish itself as insurers, academic institutions, and corporate partners of choice for health tech and digital health.

Stuart McGoldrick, Executive Chairman and Founder of Spectrum.Life, commented: “With this fresh investment we can now 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 revolutionize healthcare. Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility.”

Recently, it added Dr. Paula Franklin, the former global Chief Medical Officer of Bupa Group, who also serves as the chair of the company's Clinical Advisory Board, to its roster of seasoned physicians and experts.

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Currently, Spectrum.Life serves 7.2 million people in the UK and Ireland through 50 UK colleges, three thousand corporate clients, and numerous insurers. Currently, the company employs over 260 people, half of whom are based in the UK. This number includes over 125 clinicians. With this financing, Spectrum.Life hopes to quicken its growth trajectory and help attract more than 100 new employees over the course of the following 18 months.

Debbie Rennick, General Partner at Act Venture Capital, echoed support for Spectrum.Life’s mission-driven approach: “Having led their first raise in 2021, we are thrilled to announce our continued support for Spectrum.Life in this funding round. The exceptional team led by Stuart McGoldrick and Stephen Costello have demonstrated unparalleled dedication in advancing accessibility to digitally enabled health solutions in a very fragmented market. We are confident that this investment will propel Spectrum.Life to even greater heights in the international healthcare market.”

Rennick continued: “Aside from their strong financial growth, Spectrum.Life’s platform holds immense potential to positively impact mental and general health globally, and we’re excited to be supporting them in their next phase. Companies that prioritize their Environmental, Social, and Governance (ESG) impact not only drive positive change but also tend to attract top-tier talent and deliver superior returns for investors.”

About Spectrum.Life

Founded in 2018, Spectrum.Life has grown its revenue by 60% in 2023 and is predicted to expand by more than 50% in 2024, with more than half of its new business coming from outside of Ireland. After entering the UK market in 2020, the company has amassed a notable clientele of insurance companies, corporations, and academic institutions. By 2024, the UK market will account for more than half of its total revenue.