Digital health and wellbeing provider Spectrum.Life has secured €17m in fresh funding.
The investment round is being led by Act Venture Capital with other existing investors also taking part.
The money is to be used to fuel the company's plans to accelerate its growth into a leading healthcare provider, including through the recruitment of more than 100 new staff over the next 18 months.
"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," said Stuart McGoldrick, executive Chairman and founder of Spectrum.Life.
"Our goal is to elevate patient satisfaction and outcomes, within a commercially sustainable model that actively contributes to healthcare transformation and, critically, accessibility," he said.
"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," he added.
The company was formed six years ago by Mr McGoldrick and chief executive Stephen Costello, and currently provides services to 7.2 million people in Ireland and the UK.
Among its clients are multiple insurers, 3,000 companies and 50 UK universities.
It currently employs 260 people including 125 clinicians, half of whom are UK based.
"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," said Mr McGoldrick.
"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 €100 million in revenue by 2028."
Last year the now profitable business recorded 60% revenue growth and this year it expects revenue to expand by more than 50% again, bringing it to €25m in 2024.
Three quarters of the new business will be coming from outside of Ireland, with over 50% of its revenue this year set to be from the UK.
"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," she said
"We are confident that this investment will propel Spectrum.Life to even greater heights in the international healthcare market," she added.
