Spectrum.Life has announced the completion of a fundraise of €3 million 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.
Founded in 2018, 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 e-learning 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”, said 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 continued.
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” said Dr. Sarah O’Neill, Chief Clinical Officer, Co-Founder and Chartered Psychologist at Spectrum.Life. She added: “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.