Calm raises $75 million at $2 billion valuation
Calm app has doubled its valuation to $2 billion after raising capital from existing backers including Lightspeed Venture Partners, TPG and Insight Partners. Alex Tew, Co-Founder and Co-Chief Executive Officer said, “With companies now taking mental well-being at work seriously, there’s so much opportunity, and we raised capital to be able to put the foot down on the gas even more.”
Tew said there’s been an “acute” response from corporations seeking to alleviate anxiety and depression during the Covid-19 pandemic. American Express Co. cardholders in the U.S. and certain other countries, along with more than 12 million members covered by health-care provider Kaiser Permanente, currently have access to Calm at no additional cost. Actor Ashton Kutcher’s Sound Ventures, an earlier investor, also participated in the latest round. In addition to producing and acquiring new content, Calm hopes to use its freshly fortified balance sheet to grow through deal making. The company, which has partnered with the likes of singer Harry Styles, actor Matthew McConaughey and musician Moby, will pursue deals with new talent and continue its international expansion. This week, it’s adding content in Japanese, its seventh language, after English, German, French, Spanish, Korean and Portuguese.
Mental health has received increased attention during the Covid-19 pandemic as the global population grapples with disease prevention, the deaths of family and friends, and isolation caused by social distancing and stay-at-home mandates. Calm says it has more than 100 million downloads and 4 million paying customers. Daily downloads have doubled in 2020 from a year ago, and users have listened to more than 1 billion minutes of content this year, up 100% from 2019. Like so-called “super-apps” WeChat and Gojek, the Calm app offers a variety of services. Its features include music, a conversation-based series called “The Spark” that’s akin to a podcast, content for children and teenagers, and mood check-ins and journaling, in addition to meditation programs and stories meant to help users fall sleep.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.