Digital health company Spectrum.Life has announced a €17m investment round led by Act Venture Capital with participation from existing investors.
The Dublin-based firm is aiming to become the leading HealthTech and digital health partner to insurers, universities and corporations with the new funding.
Spectrum.Life said it currently covers 7.2m individuals in Ireland and the UK across multiple insurers, including Laya Healthcare, as well as 3,000 corporate clients and 50 UK universities.
The company, which expects revenue to exceed €25m this year, will also seek continue its rapid expansion in the UK, where it has grown 200% over the past 12 months. It will also add 100 jobs over the next 18 months to accelerate growth.
Half of Spectrum.Life revenues are now derived from the UK market, and the firm is now profitable and looking to push into additional international markets with the funding.
Revenues are currently on track to top €100m by 2028, according to founder Stuart McGoldrick.
“With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare,” said McGoldrick.
“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”, he added.
Established in 2018, Spectrum.Life saw revenue growth of 60% last year and expects turnover to increase by more than 50% this year, with three-quarters of new business coming from outside Ireland.
Since its launch in the UK market in 2020, the company has built a client base of insurers, corporate and university clients and over 50% of revenue in 2024 will be in the UK market.
Spectrum.Life employs over 260 people, including 125 clinicians.
“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,” said McGoldrick.
“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, said: “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 [CEO] 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.”
Photo: (l-r) Stephen Costello and Stuart McGoldrick.