Spectrum.Life Announces €3m round to fuel rapid growth of its Mental Health and Wellbeing Platform

L-R: Founder, Stuart McGoldrick with Co-Founder and CEO, Stephen Costello, and Co-Founder and CCO, Dr. Sarah O'Neill

L-R: Founder, Stuart McGoldrick with Co-Founder and CEO, Stephen Costello, and Co-Founder and CCO, Dr. Sarah O’Neill

We can see after using our mental health services, those experiencing severe psychological distress falls by 90% and those reporting as healthy rises by 20x

Spectrum.Life announced today the completion of a fundraise of €3m with Act Venture Capital. Spectrum.Life supports 1,250+ entities in looking after the mental health and wellbeing needs of over 750,000 individuals, and their families.

Spectrum.Life is a digital platform, combining best in class mental health support and wellbeing coaching, within their integrated health and wellbeing product suite, containing counselling support along with thousands of eLearning and content modules across fitness, nutrition and lifestyle. “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,” says Stephen Costello, CEO and Co-Founder of Spectrum.Life.

The funds will be used to triple Spectrum.Life’s R&D team as it doubles down on product and engineering in response to greater needs for virtual interventions and services. “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,” Stephen continues.

Spectrum.Life have also beefed up their Board with Gareth Morgan, former vice-president of Google Cloud joining and becoming a shareholder in 2020, 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.

Spectrum.Life’s platform is now facilitating over 7,500 mental health and physical health consultations monthly, along with digital health and wellbeing livestreams which have attracted over 150,000 attendees since March 2020. “Measuring the clinical effectiveness of our interventions is critical to us in proving value to our clients and assessing the quality of our services,” says Dr. Sarah O’Neill, Chief Clinical Officer, Co-Founder and Chartered Psychologist at Spectrum.Life. She adds, “As an example we can see after using our mental health services, those experiencing severe psychological distress falls by 90% and those reporting as healthy rises by 20x. We’re now seeing record levels of utilisation of all of our services as service users seek support.”

“We have been long term believers of the digital enablement of mental health services, and it is increasingly recognised that Mental Health and Physical Wellbeing are closely connected to maximising overall health… Spectrum Life has been quietly building a mental health and wellness platform and is now serving over 1,250 entities that support the needs of [750,000] individuals. We are looking forward to working with Stephen, Stuart, Sarah and the whole team to support their mission of improving mental health and wellbeing,” commented Debbie Rennick, General Partner with Act Venture Capital.

The funds will also be used for the continued expansion into the UK market, with an eye to other international markets in Europe, Asia, Australia and New Zealand. Spectrum.Life’s Manchester office will see a number of new roles across Sales, Marketing and Partnership Development. Spectrum.Life has seen success in entering the UK market over the last 18 months, and now serves over 150 organisations across 175,000 users there.

About Spectrum.Life:
Headquartered in Dublin, Spectrum.Life was founded in 2018 by Stuart McGoldrick along with Co-Founders Dr. Sarah O’Neill and Stephen Costello, the company provides clinically validated mental health, and wellbeing services and digital solutions to clients such as Employers, Insurance Providers, Universities and Primary Care.
For more information: http://www.spectrum.life and Linkedin https://www.linkedin.com/company/spectrumlife/

About Act Venture Capital:
Act Venture Capital partners with visionary founders from start-up to scale-up to create the most innovative companies. Founded in 1994, and based in Dublin, Ireland. Act‘s focus is to find and support the best startups to scale into large, category-defining companies. We span technology sectors and range investments from seed to growth. Act has raised over €500m across multiple funds and this investment is made from its fifth fund, Act V.
For more information: http://www.actventure.capital , Twitter https://twitter.com/ActVC, and Linkedin https://www.linkedin.com/company/act-venturecapital

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