The additional investment came from US venture capital firm Lightspeed Venture Partners and was revealed in a blog post published by partner Nicole Quinn. This takes the company’s overall funding to date to $143 million, according to its Crunchbase profile.
Calm has become one of the world’s most popular apps for sleep, meditation and relaxation, helping users cope with mental health issues including anxiety, stress, and insomnia. The company quadrupled its revenue last year and is now a profitable business boasting more than 50 million downloads worldwide.
“Not only is Calm addressing some of the most important mental health issues many of us struggle with — insomnia, anxiety, depression, and stress — it’s also growing at a phenomenal rate,” wrote Quinn in her blog post.
“Every second of every day, Calm adds another user, with more than 50 million downloads and almost 2 million paid subscribers. It is the top grossing health and fitness app in the iOS store and was named Apple’s 2017 App of the Year.”
According to TechCrunch, the cash will help the app further expand from guided meditations into more self-help masterclasses, stretching routines, relaxing music, breathing exercises, stories for children and celebrity reading.