Michael Acton Smith, CEO at Calm.
Just a few years ago, it might have been a bit of a challenge to convince investors that a mindfulness app would end up being a big business ― but thanks to an increasing focus on mental health from both startups and larger companies, companies like Calm are now capturing the excitement of investors.
From meditation sessions like you might find on other apps to tracks called “sleep stories” designed to help people get control of their sleep, Calm serves as a suite of content for users focusing on mental wellness. It’s one of an increasingly hot space centered around mental wellness and maintaining a sort of mindfulness in the hope that it’ll convert into a daily habit and help people just generally feel, well, more calm. The company says it has raised $27 million in a new financing round that values it at a $250 million pre-money led by Insight Venture Partners with Ashton Kutcher’s Sound Ventures also participating. Before this, Calm raised around $1.5 million in seed funding.
“There’s definitely a bias toward the physical body in fitness,” co-founder Michael Acton Smith said. “For a long time there’s been a certain amount of embarrassment and shame talking about our own feelings. A lot of people are realizing that we’re all, at different times, going through tough times. I think that’s part of the culture we’ve grown up in. Everything’s been about improving the efficiency and improving the effectiveness and the external circumstances. We haven’t considered the internal circumstances the same way. The same thing isn’t true of Eastern philosophies. This crossover is just beginning to happen in a big way.”