The company-developer of Calm – a mobile application for relaxation, meditation and improvement in sleep quality, which Apple recognized as the best in 2017, has raised $88 million for the development of the project. The results of the second round of funding, the startup was valued at $1 billion, says TechCrunch.
The leader of the round was made by the investment company TPG Growth, with participation of venture capital funds CAA, Insight Venture Partners and Sound Ventures.
Calm was launched in 2012, playing on the craze of the Americans with meditation. According to the Center for control and prevention of diseases (CDC), in 2012, meditative practices adhered to 4,1%, in 2017 – already 14.2 percent.
Calm downloaded 40 million times worldwide, and paid subscribers have more than one million of the project. The company sells soothing melodies and stories, conducts meditation sessions with instruction, teaches stretching and breathing techniques to help him sleep. In the App Store, the software a rating of 4.8 points with more than 280 thousand evaluations.
While the startup is profitable: in 2018, its revenues increased fourfold, and by the end of this year, he intends to make $150 million. According to Calm founder Alex TEW, the funds raised will be focused on international expansion and improving content.