With more than 7.2m lives looked after, Spectrum.Life is one of Europe’s fastest growing digital health providers and is targeting revenues of €100m by 2028.
Dublin-headquartered digital health platform Spectrum.Life has raised €17m in a new funding round led by Act Venture Capital and existing investors.
With a team of experienced clinicians and professionals, Spectrum.Life has recently strengthened its board with Dr. Paula Franklin, former global chief medical officer of Bupa Group, who also chairs the company’s Clinical Advisory Board.
“Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility”
Established in 2018, the company has experienced strong 60% revenue growth in 2023 and is expected to exceed 50% growth again in 2024 with over three-quarters of new business coming from outside of Ireland.
Driving healthy returns
The business currently employs over 260 people, including over 125 clinicians, with 50 percent based in the UK. With this investment, Spectrum.Life plans to facilitate the recruitment of over 100 new hires over the next 18 months and accelerate its growth trajectory.
“With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare,” said Spectrum.Life chair and founder Stuart McGoldrick.
“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 revolutionize healthcare.
“Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility.”
McGoldrick added: “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.”
Since its launch in the UK market in 2020, the company has built an impressive list of insurance, corporate and university clients and over 50% of revenue in 2024 will be in the UK market.
Spectrum.Life currently looks after 7.2m individuals in the UK and Ireland, across multiple insurers, 3000 corporate clients and 50 UK universities.
“Having led their first raise in 2021, we are thrilled to announce our continued support for Spectrum.Life in this funding round,” said Debbie Rennick, general partner at Act Venture Capital.
“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 prioritize 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.”
Main image at top: Spectrum.Life CEO Stephen Costello with founder and chair Stuart McGoldrick
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