Calm, the meditation and wellness team that launched back in 2012, today announced the end of a $ 88 million series B funding with a $ 1 billion valuation. (We have not been able to clarify whether the valuation was post- or pre-money.)
Funding was led by TPG Growth, with participation from CAA and existing investors Insight Venture Partners and Sound Ventures.
As meditation grows in popularity across the United States – the CDC says it tripled from 4.1 percent in 2012 to 14.2 percent in 2017 – Calm has capitalized on mania by offering a series of mindfulness and wellness tools, from guided meditation sessions for a product called "Sleep Stories," Via a Subscription.
But Calm also meets stress where it lives. For example, the company invested $ 3 million in XPresSpa late in 201
Growth at rest is difficult to deny. The company says it has topped 40 million downloads worldwide, with more than a million paying subscribers. Calm also says it quadrupled its revenue in 2018 – the company is now profitable – and is about to make $ 150 million in annual sales.
With the new funding, Calm's total amount increases to $ 116 million.
Furthermore, Calm's valuation has increased from $ 250 million at the beginning of 2018, to the heels of a $ 27 million series A, and now beat $ 1 billion.
Here's what co-founder and co-director Michael Acton Smith had to say in a prepared statement:
We started as a meditation app, but have grown far beyond that. Our vision is to build one of the most valuable and meaningful brands of the 21st century. Health and well-being is a $ 4 billion industry, and we believe it is a great opportunity to build the leading company in this fast-growing and important space.
Cofounder and CEO Alex Tew said that funding will mainly go towards international growth and increased investment in content.