Meditation app Simple Habit has raised $10 million in Series A funding led by Silicon Valley-based venture capital firm Foundation Capital. The company previously raised $2.8 million from seed investors, including Foundation, Y Combinator, NEA, Dropbox chief executive Drew Houston and Gusto boss Josh Reeves.
Simple Habit is billed as a daily stress relief platform for “busy people”, providing short meditations and over 1,500 audio sessions based on situations like sleeping, morning anxiety or getting over a breakup. The app was founded in 2016 by Yunha Kim after she discovered the benefits of meditation as a stressed-out startup founder and dropped out of Stanford Graduate Business School to build her idea for the ‘Spotify of Meditation’.
Yunha Kim said:
“Simple Habit has had a remarkable year. As we welcomed millions of new users to our community, we added more than 1,000 new sessions to our audio content library, doubled the number of experts who contribute content on Simple Habit, and saw 80% of our growth fueled by strong organic word of mouth.
“We’re seeing that beyond every human’s desire to meditate is an even greater desire to reduce stress, feel happier and face life’s challenges with more resilience. As a company committed to helping people live better, every day, these insights fuel our excitement and vision to be the destination for mental wellness.”
Steve Vassallo, general partner at Foundation Capital, added:
“The world desperately needs better ways to manage stress and anxiety. That’s why Simple Habit is growing at a critical time. My partners and I believe in the great team at Simple Habit and their big vision to own the mental wellness and self-improvement market. We’ve been impressed with the company’s spectacular growth in just two short years. As a current leader in the massive health and wellness category, Simple Habit has an incredible opportunity to both do well and do good.”
Simple Habit graduated from Y Combinator in April 2017 and has since achieved ten-fold growth in revenue and helped more than 2.7 million people relieve stress and anxiety, with an average of 30,000 new users joining the platform every week.