Simple Habit Raises $10 Million in Series A Funding, Expands Into Full-Service Daily Stress Relief Platform
SAN FRANCISCO--(BUSINESS WIRE)--Nov 13, 2018--Simple Habit, the leading daily stress relief platform for busy people, announced today that it has raised $10 million in Series A funding. This round of funding was led by Foundation Capital, the Silicon Valley-based venture capital firm, and headed by general partner Steve Vassallo. Simple Habit previously raised $2.8 million from seed investors, bringing the company to $12.8 million in total funding. Foundation Capital was also an investor in the initial seed round, which included Y Combinator, NEA, Drew Houston, CEO of Dropbox, and Josh Reeves, CEO of Gusto.
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Simple Habit offers bite-size content for a variety of situations and moods. Courtesy of Simple Habit
“Simple Habit has had a remarkable year,” said Yunha Kim, founder and CEO of Simple Habit. “As we welcomed millions of new users to our community, we added more than 1,000 new sessions to our audio content library, doubled the number of experts who contribute content on Simple Habit, and saw 80% of our growth fueled by strong organic word of mouth. We’re seeing that beyond every human’s desire to meditate is an even greater desire to reduce stress, feel happier and face life’s challenges with more resilience. As a company committed to helping people live better, every day, these insights fuel our excitement and vision to be the destination for mental wellness.”
Simple Habit was founded in 2016 by Yunha Kim after she discovered the benefits of meditation as a young, stressed-out startup founder. Kim dropped out of Stanford Graduate Business School to build her idea for the ‘Spotify of Meditation.’ Since graduating from Y Combinator in April 2017, Simple Habit has achieved ten-fold growth in revenue, doubled the number of experts, and drove 125% growth in content offerings. User engagement is also impressive with the top 10 percent of the platform’s content experts averaging a total of one million listens each. Simple Habit is also now expanding beyond meditation to offer bite-size audio content led by therapists and executive coaches.
“The world desperately needs better ways to manage stress and anxiety,” said Vassallo. “That’s why Simple Habit is growing at a critical time. My partners and I believe in the great team at Simple Habit and their big vision to own the mental wellness and self-improvement market. We’ve been impressed with the company’s spectacular growth in just two short years. As a current leader in the massive health and wellness category, Simple Habit has an incredible opportunity to both do well and do good.”
Simple Habit graduated from Y Combinator in 2017. The platform has since disrupted the meditation and mental wellness industries by creating a market for stressed-out people to discover bite-size meditations and connect with world-class experts. Simple Habit has helped more than 2.7 million people relieve stress and anxiety, with an average of 30,000 new users joining the platform every week. Simple Habit is the number one ranked meditation app in iTunes and received the 2018 Google Play Award for Best Well-Being App.
About Simple Habit
Simple Habit makes reducing stress as easy as five minutes per day. Busy people rely on short meditations and audio therapy sessions from world-class experts to reduce daily stress. With more than 1,500 sessions based on situations like sleeping, morning anxiety, and getting over a breakup, Simple Habit offers a practical solution for modern lifestyles. Founded in 2016, Simple Habit is now the number one rated meditation app in the app store on iTunes and boasts 37,000 five-star reviews. With headquarters in San Francisco, Simple Habit is backed by Foundation Capital, Y Combinator, New Enterprise Associates (NEA), and other prominent CEOs in Silicon Valley including Dropbox’s CEO Drew Houston and Gusto’s CEO Joshua Reeves. Download Simple Habit for free on iOS or Android, or visit www.simplehabit.com to learn more.
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CONTACT: Simple Habit
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE AUDIO/VIDEO HEALTH MENTAL HEALTH MOBILE/WIRELESS
SOURCE: Simple Habit
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PUB: 11/13/2018 10:05 AM/DISC: 11/13/2018 10:05 AM