Calm raises $75 million, expands into corporate mental health and wellness

by

Calm Med­i­ta­tion App Hits $2 Bil­lion Val­ue With Light­speed, Gold­man Back­ing (Bloomberg News):

Calm, mak­er of a med­i­ta­tion, sleep and relax­ation app, dou­bled its val­u­a­tion to $2 bil­lion after rais­ing cap­i­tal from exist­ing back­ers includ­ing Light­speed Ven­ture Part­ners, TPG and Insight Partners.

“With com­pa­nies now tak­ing men­tal well-being at work seri­ous­ly, there’s so much oppor­tu­ni­ty, and we raised cap­i­tal to be able to put the foot down on the gas even more,” co-founder and co-Chief Exec­u­tive Offi­cer Alex Tew said in an inter­view with Bloomberg … Calm says it has more than 100 mil­lion down­loads and 4 mil­lion pay­ing cus­tomers. Dai­ly down­loads have dou­bled in 2020 from a year ago, and users have lis­tened to more than 1 bil­lion min­utes of con­tent this year, up 100% from 2019.

The Announcement:

Calm Hits $2 Bil­lion Val­u­a­tion, Expands into Well­ness at Work (press release):

Calm today announced that it has raised $75 mil­lion in Series C financ­ing, valu­ing the com­pa­ny at $2 bil­lion USD … Prof­itable since 2016, Calm con­tin­ues rapid growth with over 100 mil­lion down­loads and 4 mil­lion pay­ing mem­bers. One pri­ma­ry dri­ver is Calm for Busi­ness, the brand’s enter­prise arm, which cov­ers more than 10 mil­lion lives through employ­er part­ner­ships. In a new McK­in­sey report, 62% of employ­ees con­sid­er men­tal health issues a top chal­lenge. With acces­si­ble, effec­tive men­tal well­ness con­tent to serve a diverse work­force, Calm for Busi­ness part­ners see 25% adop­tion, with 75% engage­ment amongst employ­ee populations.

“We’ve only just begun sup­port­ing com­pa­nies on their jour­ney to increase employ­ee resilience,” said Alex Tew, Calm co-founder and co-CEO. “This financ­ing round will advance our efforts in build­ing a strong glob­al work­force, meet­ing over­whelm­ing mar­ket demand. Our Calm for Busi­ness expan­sion is a pri­or­i­ty as employ­er invest­ment in men­tal health skyrockets.”

News in Context:

Reader Interactions

Comments

  1. Sophie Wagner says

    I start­ed med­i­tat­ing 4 years ago. And I start­ed myself and learned from videos on YouTube. It was so hard the first time to real­ly relax and stop think­ing about every­thing. I remem­ber how cool it was! I think it has become much eas­i­er with such appli­ca­tions now. I’m glad peo­ple are start­ing to use them, since med­i­ta­tion is real­ly cool!