Mental health and wellbeing platform Spectrum.Life raises €5m
Mental health and wellbeing platform Spectrum.Life has completed of a €5 million funding round, resulting in a total of €9 million raised for the company. The round was 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.
Providing mental health and wellbeing services for insurers, employers, employees, and students, 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.
The platform provide an extensive range of holistic supports including mental health and wellbeing coaches; open-ended therapy; digital clinics; employee benefits; advisory; and financial advice.
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 standardised 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 centre agent if their issue is too complex for EAP’s standard six or eight sessions of therapy.
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 4 million 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 €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.
Stephen Costello, CEO of Spectrum.Life, said: “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.”
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