Calm Rests Easy With New Funding
Calm, the meditation app that’s steady growing in usage in a unsettled world, announced it has raised $88 million in Series B funding.
The new investment comes from TPG Growth, which leads this funding round, with participation from the global talent firm Creative Artists Agency (CAA) and existing investors Insight Venture Partners and Sound Ventures. This finding round brings Calm’s total funding to date to $116 million.
This latest round also places its valuation at $1 billion, officially making it the first of what promises to be several startups achieving unicorn status this year.
Calm, based in San Francisco, has more than 100 million listens, thanks to users seeking medicine-free ways to address mental health issues like anxiety, stress and insomnia. Calm seeks to entertain as well as help users unwind with adult bedtime stores read by celebrities like Stephen Fry, Leona Lewis and Matthew McConaughey.
“This financing will accelerate our mission to make the world healthier and happier, with international growth and an increased investment in content being top priorities,” said Calm’s co-founder and co-CEO Alex Tew, in a statement. “We are excited to be working with an incredible partner in TPG for this new phase of Calm’s journey.”
Calm is riding a growing wave in mindfulness and wellness. It now has 40 million worldwide downloads of its app, with over 1 million paid subscribers. It was named App of the Year for Apple’s iPhone and was the top grossing fitness app last year, according to App Annie. It currently has partnerships with Sonos, Uber, XpresSpa and American Airlines, among other clients.
Calm has not announced whether it will go public, despite hitting unicorn status.