Spectrum.Life, a Dublin-based company offering digital health solutions to organisations and their employees, has secured €17 million in a funding round led by Act Venture Capital. This significant investment highlights the growing demand for digitally-delivered healthcare solutions and positions Spectrum.Life for international expansion.
Earlier this month, we had also reported about a Switzerland-based Axmed that raised $2M to transform access to healthcare in emerging markets.
With over 7.2 million individuals currently using their platform, the company boasts impressive growth, particularly in the UK market. Launched in 2020, over 50% of Spectrum.Life’s revenue now originates from the UK, showcasing a remarkable 200% growth in the past year.
Founded in 2018, Spectrum.Life differentiates itself as a “second-generation” digital health provider. This distinction emphasises their focus on blending clinical expertise with a proven track record in scaling digital technologies. Spectrum.Life believes this combination positions them to revolutionise healthcare delivery.
Founder says it’s “a mission-driven approach”
Stuart McGoldrick, Spectrum.Life’s Executive Chairman and Founder, emphasises the company’s mission: “With this fresh investment, we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare.”
McGoldrick highlights the importance of both patient satisfaction and commercially viable solutions that contribute to healthcare transformation and accessibility. Debbie Rennick, General Partner at Act Venture Capital, echoes this sentiment, praising Spectrum.Life’s “mission-driven approach” and dedication to making health solutions more accessible.
The London-based startup plans to leverage the new funding for international expansion and platform development. They aim to recruit over 100 new employees in the next 18 months to facilitate this growth. Despite ambitious expansion plans, McGoldrick emphasises fiscal responsibility, stating continued profitability is a core focus. Spectrum.Life projects reaching €100 million in revenue by 2028.
Spectrum.Life’s success is attributed to a strong team and strategic partnerships. The company boasts over 260 employees, including over 125 clinicians. Notably, Dr. Paula Franklin, former Global Chief Medical Officer of Bupa Group, recently joined their board and chairs the company’s Clinical Advisory Board. McGoldrick highlights the importance of these partnerships and the dedication of Spectrum.Life’s team in propelling the company forward.
What we think about the startup
Spectrum.Life’s funding round reflects the growing market for digital health solutions. Insurers, universities, and corporations are increasingly seeking ways to leverage technology to improve employee and student health and wellbeing. Spectrum.Life is well-positioned to capitalise on this trend with its clinically-backed solutions and focus on accessibility.
