Spectrum.Life, a leading provider of mental health and wellbeing services for insurers, employers, employees, and students is pleased to announce the successful completion of a €5 million raise, resulting in a total of €9 million raised for the company. The round, again led by Act Venture Capital, included strong participation from existing and new investors.
This investment comes at a time when alternative and new approaches to mental health provision are of critical importance as traditional channels are increasingly overburdened and waiting lists in the sector continue to grow.
Spectrum.Life has set itself apart from other mental health and wellbeing providers through its commitment to the fullness of support across the entire mental health journey. The vast majority of existing corporate wellbeing offerings do not provide treatment/support for people’s mental health needs until they are in crisis. Spectrum.Life takes a holistic end-to-end approach to support people in advance of, through, and beyond crisis enabling them to not only survive but to successfully thrive.
Standard EAP plans can help bring people back from struggling, but thereafter there is no maintenance provided, nor elevation of their wellbeing to the next level. Most EAPs offer a standardized model of care with nonspecific services. This one-size-fits-all approach can alienate workers who would otherwise welcome help and it is a common occurrence that employees who do make the necessary phone calls may be dismissed by the phone center agent if their issue is too complex for EAP’s standard six or eight sessions of therapy. Spectrum.Life is changing this culture of a cookie-cutter approach to mental health.
Spectrum.Life continues to grow and will reach 200 employees by the end of the month and the mental health and wellbeing innovator is on a mission to change and protect as many lives as possible. They provide solutions to over 4m users across 2500 clients throughout the UK + Ireland. Spectrum.Life focuses on clinical efficacy, and continues to have a positive impact on employee, student, higher education staff and partner wellbeing. In 2022, employers saw a 43% overall increase in productivity, a 94% reduction in those reporting as severely distressed after treatment and on average, only 5% of users needed referred to long term supports after 6-8 sessions of counselling.
The market leading platform and mental health offerings provide an extensive range of holistic supports including:
- Mental Health and Wellbeing Coaches
- Open-ended Therapy
- Digital Clinics
- Employee benefits advisory
- Financial advice
“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, CEO at 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 organizations.”
The €5 million funding will be used to further develop and scale the Spectrum.Life platform, including the expansion of its team and the addition of new features and resources. With its 24/7 access to unlimited mental health and wellbeing support, including a personal Mental Health Coach and Open-ended Therapy at the touch of a button, Spectrum.Life is well positioned to continue its rapid growth and make a lasting impact on the mental health and wellbeing of its users.
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.”
About Spectrum.Life
Spectrum.Life started their journey in Ireland and, despite only launching in 2019, they are already Ireland’s largest provider of employer health and wellbeing services.
In a short space of time Spectrum.Life have made a similarly significant impact in the UK, securing contracts with some of the UK’s leading insurers and healthcare providers to offer digital mental health and wellbeing support to their members, as well as partnerships with some of the UK’s leading Universities: University of Kent, Bath Spa University, Middlesex University London, University of Birmingham, University of Bath, University of Highlands and Islands.
Spectrum.Life is the UK’s fastest-growing workplace wellbeing provider and constantly enhances offerings by proactively welcoming strategic partnerships with intermediaries, Occupational Health Providers, Wellbeing Providers and Public Health Sectors to offer the most robust and comprehensive wellbeing package to the end user.
There is something for everyone with Spectrum.Life, for wherever they are in the mental health and wellbeing journey.
For more information visit us at spectrum.life and LinkedIn
About Act Venture Capital
Act Venture Capital is a venture capital firm that partners with early stage founders and established teams scaling their growth. ACT has raised €600m across multiple funds to support this goal. They look for innovative, category-defining companies in large markets and help founders build and scale these companies by leveraging the experience of backing over 200 founders.
Originally announced February 10th, 2023
