February 7, 2019
Calm.com—the San Francisco-based startup that claims to have become the number-one app for sleep, meditation, and relaxation since it began doing business in 2017—has been valued at $1 billion in a funding round led by TPG Growth, the company announced on February 6.
According to Bloomberg, Calm raised $88 million in the round, which included existing investors Insight Venture Partners and Ashton Kutcher’s Sound Ventures, as well as Hollywood’s Creative Artists Agency.
The funding makes San Francisco-based Calm a major player in the wellness industry—or, as the company says, the World’s First Mental Health Unicorn. (It joins the ranks of 312 other U.S. startups that have been valued at $1 billion or more and are known as “unicorns.”)
The Calm website says that the app “helps users cope with some of the most important mental health issues of the modern age-including anxiety, stress, and insomnia.” Among its popular features are:
- The Daily Calm, a ten-minute meditation guided by the company’s Head of Mindfulness Tamara Levitt;
- Sleep Stories, soothing bedtime tales for adults read by celebrities such as Matthew McConaughey, Stephen Fry, and Leona Lewis;
- MasterClass: A series of audio classes taught by mindfulness experts; and
- Music: Exclusive music to help users focus, relax, and sleep.
“Our vision is to build one of the most valuable and meaningful brands of the 21st century,” co-founder and Co-Chief Executive Officer Michael Acton Smith said in a statement. His co-founder and co-CEO, Alex Tew, added that the company would prioritize spending on international growth and creating new content.
The app has been downloaded more than 40 million times, it said in a statement, and it has more than one million paying subscribers.
Research contact: @calm