Health and wellness service provider SpectrumLife surpasses 2m users

Dublin-based company to create 70 jobs as it targets €100m in annual recurring revenues

SpectrumLife is to create an additional 70 jobs this year after surpassing two million users following a deal with a leading healthcare provider in the UK.

The Dublin-headquartered company has secured a contract with Benenden Health to provide digital mental health and wellbeing support to more than 800,000 of its members.

The employee health and wellness service provider was founded in 2018 by Stuart McGoldrick, Dr Sarah O'Neill and Stephen Costello, the company's chief executive.

As well as providing clinically validated mental health support and wellbeing coaching, SpectrumLife’s digital platform also offers thousands of e-learning and content modules across fitness, nutrition and lifestyle.

The company is currently achieving close to €12 million in annual recurring revenues (ARR) with turnover up 50 per cent year on year. It is ultimately targeting €100 million in ARR by 2026, and 10 million users.

SpectrumLife, which secured €3 million from funders including Act Venture Capital last year, is targeting a similar-sized round by the end of 2022, at which point the company expects to have 3.5 million users of its services.

Mr Costello said the deal with Bendenden was significant as it is aimed at an older cohort of users than is typical.

SpectrumLife employs 150 people, and Mr Costello is predicting headcount will continue to grow as revenues rise.

“We’re pretty much always hiring at this point because for every new set of users we gain, we need more clinicians to support them,” he said.

Mr Costello added that SpectrumLife may seek “significant” additional financing in 2023 to help the company scale faster.