Dublin-headquartered Spectrum.Life has raised €3m (£2.57m) to fund an overseas expansion of the digital health platform.
The fundraising, completed with Act Venture Capital, will see the platform, which offers mental health and wellbeing coaching, triple its research & development team and fund its continued expansion into the UK market, with an eye to other international markets in Europe, Asia, Australia and New Zealand.
The firm’s Manchester office will also use the funds to recruit for a number of new roles across sales, marketing and partnership development.
Spectrum.Life’s board has also been bolstered with appointments of Gareth Morgan, former vice-president of Google Cloud, alongside Alison Platt, former MD of Bupa International and current non-executive director at Tesco, and chairman Gareth Chick, a former CFO and CEO of both public and private companies.
Commenting on the investment, Stephen Costello, CEO and co-founder of Spectrum.Life, said: “There are over 300,000 apps already out there focused on Health and Wellbeing. We didn’t want to be just one more. For us, it’s about getting people the support, help or motivation they need- not just more technology. We’re about matching our services with the best interventions and services for people to live their best lives and thrive.
“We were incredibly nimble over the course of the pandemic as the demand from employers in particular increased, as they knew this was a challenging time for their teams. With this investment, we’ll be able to take our virtual counselling and coaching products to the next level, through the use of AI and machine learning – giving our coaches and clients all the tools they need to succeed in their goals.”
