Corporate online mental health support and well-being platform, Spectrum.Life, has raised €3m in fresh funding in a round led by Act Venture Capital.

The money will be used to fund its rapid growth, driven by a significant increase in demand from employers, insurance companies and universities this year.

"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," said Stephen Costello, CEO and Co-Founder of Spectrum.Life.

"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."

Spectrum.Life now plans to triple its research and development team to develop additional services to support its growth.

It will also continue its expansion into the UK market and is also looking at other international markets in Europe, Asia, Australia and New Zealand.

The company has 150 clients in the UK since it entered the market there 18 months ago, with 175,000 users.

Overall the platform is used by 1,250 customers and supports the mental health and well-being needs of more than 750,000 people.

Former vice-president of Google Cloud, Gareth Morgan, has also joined the board of Spectrum.Life.

He became a shareholder last year.

Over 7,500 mental health and physical health consultations are taking place on the platform each month, along with digital health and wellbeing livestreams which have attracted over 150,000 attendees since March 2020.