The Employee Assistance Programme (EAP) has proven to be very helpful for employees. Good EAPs have a positive impact on employee productivity and employee benefit costs in general. Most EAPs offer a standardised model of care with nonspecific services and there is no one-size-fits-all approach.
Irish startup Spectrum.Life, which provides mental health and wellbeing services for insurers, employers, employees, and students, is changing the approach to mental health.
In a recent development, Spectrum.Life, has raised €5 million in funding. This raise takes the total funding raised by the company to €9 million. The investment round was led by a VC firm headquartered in Dublin, Act Venture Capital that led the round in Deciphex along with strong participation from existing and new investors.
The fresh funds 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, Spectrum.Life is well positioned to continue its rapid growth and make a lasting impact on the mental health and wellbeing of its users.
In addition, the startup is projected to reach 200 employees by the end of the month.
“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 of 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 organisations.”
‘’Debbie Rennick; General Partner 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.’’
How it differs from mental health and wellbeing providers?
Headquartered in Dublin, Spectrum.Life was founded in 2018 by Stuart McGoldrick, Dr. Sarah O’Neill and Stephen Costello. It provides an extensive range of holistic supports, including mental health and wellbeing coaches, open-ended therapy, digital clinics, employee benefits advisory and financial advice.
The Dublin-based startup has set itself apart from other mental health and wellbeing providers. While a 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.
Further, Spectrum.Life focuses on clinical efficacy, and continues to have a positive impact on employee, student, higher education staff and partner wellbeing. The company is on a mission to change and protect as many lives as possible. It provides solutions to over 4 million users across 2500 clients throughout the UK and Ireland.