Insurtech Spectrum.Life has announced a €17m funding round led by Act Venture Capital with help from existing investors.
With this funding, Spectrum.Life will continue to move forward with its vision to change and save as many lives as possible while becoming the leading healthtech and digital health partner.
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Stuart McGoldrick, executive chairman and founder of Spectrum.Life, said: “With this fresh investment we can now deliver upon our ambitious plans to be the market leader in digitally delivered healthcare. We are a 2nd 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 revolutionise healthcare. 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.”
Spectrum.Life currently looks after 7.2 million individuals in the UK and Ireland, across multiple insurers, 3000 corporate clients and 50 UK universities. The Company 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.
“I am incredibly proud of our exceptional team that Stephen Costello, my co-founder and the Company’s CEO, has built. Their dedication and passion have powered our remarkable journey and enabled us to seize growth opportunities over the past years. We would not be here without them. Equally, the close relationships with our clients and customers are crucial to supply clinical excellence. I must also thank Laya healthcare who have been unwavering supporters of us since our formation. We have launched some new key strategic partnerships this year and are excited about others that will be launching over the coming weeks and months,” McGoldrick continued.
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By GlobalDataDebbie Rennick, general partner at Act Venture Capital, added: “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 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.”
This comes after Spectrum.Life has strategically rebranded to a clinically-backed digital health, mental health, and wellbeing solutions provider.
The rebrand for Spectrum.Life reflects the firm’s position as a digital health partner for those in the insurer, workplace, and education sectors looking to support staff, members and students.
