Despite Brexit, Spectrum.Life is launching in the UK. Next stop, Australia
The ‘corporate wellness’ company is close to closing a €3 million funding round.
IRISH ‘CORPORATE WELLNESS’ company Spectrum.Life is officially launching in the UK this week.
The company, which recently rebranded from Spectrum Wellness, set up a London office about three months ago in advance of the launch.
It aims to employ 10 people at the UK base by the end of this year and another 10 by the end of 2020. It currently employs 100 people in Dublin.
Founded in 2012, Spectrum.Life provides companies with health and ‘wellness’ services like gym memberships and counselling. It provides a digital service for firms to manage their wellness programmes and counts Google, Microsoft and Oracle as clients.
Unsurprisingly Brexit, which has been delayed until 31 October, has impinged on the outfit’s UK launch.
“We’re definitely seeing a slightly more depressed demand than we’d initially hoped for, but early orders and interests have still been really strong,” managing director Stephen Costello told Fora.
He added that Spectrum.Life would have spent more on marketing its UK launch “if there wasn’t anything going on around Brexit”.
“Like any other company, we don’t really know what the ultimate impact of Brexit is going to be. From my own perspective I’ve just got on with it and not let it distract us. I think that’s what most people have tried to do now. “
Other markets
The ongoing uncertainty surrounding Brexit has forced the company to speed up its plans for entering other overseas markets.
Spectrum.Life – which is is forecasting a turnover of €6 million for this year – plans to roll out its services in Australia and New Zealand by the end of the year. It is also considering a launch in Canada and the US.
Depending on the first six months after its UK launch, the company will consider entering non-English speaking markets.
“One of our big goals at the moment is to see how this UK launch goes in the next six months, and from that point, seeing the success and potentially going for a further round of fundraising.”
It is is due to close a round of fundraising to finance its UK rollout within the next six weeks. It expects to raise €3 million.
“If that went very well we’d go for another round and continue growing, and that’s what would make us make that jump into a non-English speaking country. It’s been quite a jading and complicated process, and it’s not as glamorous as people make it out to be,” Costello said.
