Employee wellness startup Spectrum.Life has secured 5 million euros (about $5.34 million) in fresh funding.
The fundraise was reported Friday (Feb. 10) by Tech Funding News, which stated that the investment was led by Act Venture Capital along with participation from other existing and new investors.
Spectrum.Life said it will use the capital to further develop and scale its platform, according to the report. The Dublin-based company also intends to expand its team to 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 Spectrum.Life CEO Stephen Costello, per the report. “Our goal is to make mental health and well-being support accessible to everyone, and this funding will allow us to bring our game-changing solutions to even more individuals and organizations.”
A well-being service designed to give employers the tools to look after their employees’ mental health, Spectrum.Life incorporates elements of remote and in-person counseling services through its mobile app and onsite events.
The company said on its website that it provides employee mental health and well-being support to over 2,000 organizations across the U.K. and Ireland and counts over 4 million active users of its services, which also include students and insurance members.
Additional services include mental health and wellbeing coaches, open-ended therapy, digital clinics, employee benefits advisory and financial advice, Tech Funding News reported.
Just as the management of physical health is being transformed by digital technologies, so too is mental health.
From Spectrum.Life’s workplace well-being platform to the rising popularity of mental health apps in emerging markets, modern digital solutions are increasingly combining a focus on mental and emotional well-being with the trend for telemedicine and remote appointments.
In Africa, for example, several startups that specialize in delivering remote therapy solutions are emerging onto the scene to provide resources and improve the mental well-being of local populations.