Spectrum.Life has announced a €17m investment round led by Act Venture Capital with participation from existing investors.
The company said it plans to use the funds to ramp up recruitment – hiring 100 new staff over the next 18 months and increase its growth trajectory.
Established in 2018, the company has experienced 60% revenue growth in 2023 and revealed it expects to exceed 50% growth again in 2024 with over three quarters of new business coming from outside of Ireland.
Since its launch in the UK market in 2020, the company has built a client list of insurance, corporate and university clients, and expects more than 50% of revenue in 2024 to be in the UK market.
Spectrum.Life currently looks after 7.2 million individuals in the UK and Ireland, across multiple insurers, 3,000 corporate clients and 50 UK universities.
It currently employs over 260 people, including more than 125 clinicians, with 50% based in the UK.
With this investment, Spectrum.Life also said it plans to facilitate the recruitment of over 100 new hires over the next 18 months and accelerate its growth trajectory.
Stuart McGoldrick, executive chairman and founder of Spectrum.Life, (pictured right with Stephen Costello) said: “With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare.
“We are a second 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 revolutionise healthcare.
“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.”
“I am incredibly proud of our exceptional team that Stephen Costello, my co-founder and the company’s CEO, has built,” McGoldrick continued.
“Their dedication and passion have powered our remarkable journey and enabled us to seize growth opportunities over the past years. We would not be here without them.
“Equally, the close relationships with our clients and customers are crucial to supply clinical excellence.
“I must also thank Laya healthcare who have been unwavering supporters of us since our formation. We have launched some new key strategic partnerships this year and are excited about others that will be launching over the coming weeks and months”, McGoldrick said.
But McGoldrick also emphasised fiscal responsibility in the expansion plans, adding: “We are building our company in a sustainable way and continued profitability is a core focus. 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 €100m in revenue by 2028.”
Debbie Rennick, general partner at Act Venture Capital, added: “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.
“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 prioritise 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.”