Spectrum.Life, a provider of in-person and digital mental health and wellbeing services for insurers, employers and other organisations, has raised €5m in a funding round led by Act Venture Capital with participation from new and existing investors.
The investment brings the total raised by the Dublin-based company to €9m and comes at a time when traditional mental health services are overburdened and waiting lists continue to grow.
"We are thrilled to have the support of ACT and our other investors as we continue to grow and expand our innovative mental health, wellbeing and digital health offerings," said Stephen Costello, co-founder and CEO of Spectrum.Life.
"Our goal is to make mental health and wellbeing support accessible to everyone, and this funding will allow us to bring our game-changing solutions to even more individuals and organisations."
Launched in 2018 by Costello and founder Stuart McGoldrick, Spectrum.Life is set grow to 200 employees by the end of March, and now has 4m users across 2,500 clients in Ireland and the UK, including a number of British universities.
In Association with
The €5m will be used to further develop and scale the Spectrum.Life technology platform, add new features and further expand its team. Accounts for Spectrum Wellness Ltd show losses of €1.6m for 2021 and net liabilities of €2m.
Debbie Rennick, general Partner at Act Venture Capital, said: "We are delighted to lead another round of funding into Spectrum Life. We have strong conviction in this market opportunity and in the Spectrum Life team and platform.
"The company’s strong growth and success to date is only the beginning of a great future. We believe that their platform has the potential to make a significant impact on the mental health and wellbeing of individuals around the world, and we are proud to support their further growth with this investment."
Spectrum.Life describes its approach as "holistic" and "end-to-end" and its support offering as more comprehensive than standard employee assistant programmes, the vast majority of which don't cover mental health unless the user is in crisis.
The company offers mental health and wellbeing coaches, open-ended therapy, digital clinics, employee benefits advisory, and financial advice as part of its platform.
The firm claims its employees saw a 43% increase in productivity and a 94% reduction in those reporting as severely distressed after a treatment last year.
On average, 5% of users needed to be referred for long-term support after six to eight sessions of counselling.
Photo: Stephen Costello. (Pic: Spectrum.Life)
