Headspace, the maker of a mindfulness and meditation app, raised a total of $93 million in a Series C funding round. The funding round was led by blisce/ with participation from Waverley Capital and Times Bridge, an investments and partnerships arm of The Times Group of India, and existing investors The Chernin Group, Spectrum Equity, and Advancit Capital.
The round includes $53 million of equity from participating investors and $40 million of debt capital from Pacific Western Bank.
In addition to growing its core direct-to-consumer business, Headspace will continue to invest new funds in its revenue-generating business-to-business segment Headspace for Work and digital health subsidiary, Headspace Health. The company will also use the new capital to accelerate its growth with a focus on international market expansion.
“Headspace has shown millions of people the power of using mindfulness to mitigate stress, anxiety, and other everyday issues while continuing to advance the field through clinically-validated research,” said Richard Pierson, CEO, and Co-Founder of Headspace. “As we think about the next ten years and beyond, we are focused on harnessing this power and applying it to other areas of our members’ lives to help them create healthy routines that last a lifetime – whether that is through our Headspace consumer app, the work we currently do with hundreds of employers, or with healthcare providers as we look to deliver better access. We are excited to work with leading global investors who share our vision to improve the health and happiness of the world.”
Since its inception, Headspace has raised over $165 million in funding. According to its press release, so far, its app has over 62 million downloads in 190 countries, over 2 million paid subscribers, and has more than 600 corporate customers through Headspace for Work, including Starbucks, Adobe, Hyatt, and GE.
Headspace meditation app is created to promote mindfulness through clinically-validated research. The company offers mindfulness products and services to more than 600 companies and has parted with several global brands, including Apple, Amazon, Google, Nike, NBA, and the U.S. Women’s National Soccer Team.
Alexandre Mars, entrepreneur & philanthropist, Founding Partner of blisce/ said, “Headspace’s mission to make health and happiness more accessible to people around the world resonates deeply with blisce/’s core belief that it is possible to both ‘Do Good’ while also building a strong business with sustainable growth. We are proud to partner with Rich, Andy and the entire Headspace team in their commitment to transforming the mindfulness and meditation space through scientific research and authentic expertise, and are excited to support the impact they’re making on mental health, not only through the consumer app but through their efforts across healthcare, digital medicine, science and the workplace.”
In a similar deal, the meditation app Calm raised $88 million in Series B financing, at $1 billion valuation. Calm has raised a total of over $140 million in VC funding.