Calm, the meditation, mindfulness and sleep app which has users in 190 countries, has raised $27 million in Series A funding at a $250 million pre-money valuation. The round is led by Insight Venture Partners with participation from Ashton Kutcher’s Sound Ventures and singer Harry Styles.
San Francisco-based Calm, founded by UK entrepreneur Michael Acton Smith, generated $22 million in revenue last year and is on track to deliver more than three times the revenue growth in 2018. The app was named Apple’s 2017 iPhone App of the Year.
Prior to this round, Calm raised $1.5 million from seed investors, bringing them to $28.5 million in funding.
Michael Acton Smith, co-founder and CEO, said:
“The last few years have been extraordinary for Calm. Much of the growth has been fuelled by word of mouth, and we now have over 26 million downloads, with 50,000 new sign ups a day. In a very short amount of time meditation has moved from the fringe of society to the mainstream.”
Ashton Kutcher, founding partner of Sound Ventures, added:
“Mental wellness is an extremely important issue in modern society. We think the Calm team has built a very impressive product that is improving the lives of millions of people. We believe in them and their grand vision to make the world a healthier and happier place.”
According to co-founder and co-CEO Alex Tew, Calm will use the new funding to “increase its international growth trajectory”.
The Calm app, which helps users meditate, breathe, sleep and relax, features over 100 hours of original audio content, including The Daily Calm, Sleep Stories, meditation lessons, multi-day programs, nature sounds, Calm Masterclasses and music. It is free to download with an optional $60 annual subscription to unlock the full library of content.