Calm, a US-based mindfulness app backed by talent agency Creative Artists Agency (CAA), has pulled in $75m through a series C round led by venture capital firm Lightspeed Venture Partners.
TPG, Insight Venture Partners and funds managed by Goldman Sachs Asset Management also participated in the round, as did Marc Benioff, CEO of enterprise software provider Salesforce. The capital was raised at a $2bn valuation.
Founded in 2012, Calm provides a mobile app designed to help manage stress, improve mental health and achieve better sleep through meditation, music and wisdom audio content.
The company’s app has been downloaded more than100 million times and it has 4 million paying subscribers. It said its fastest recent growth driver has been its Calm for Business enterprise service.
TPG led the $88 first close of Calm’s series B round in February 2019, investing with CAA, Insight Venture Partners and Sound Ventures at a $1bn valuation. Four months later, Lightspeed Venture Partners and various private investors added $27m to increase it to $115m.
Calm had raised $27m in a mid-2018 series A round led by Insight Partners that included Sound Ventures and musician Harry Styles, following about $1m from Launch Fund, AngelList and assorted angel investors over 2013 and 2014 that was likely rolled into the series A.
Calm co-founder and co-CEO Alex Tew said: “We have only just begun supporting companies on their journey to increase employee resilience.
“This financing round will advance our efforts in building a strong global workforce, meeting overwhelming market demand. Our Calm for Business expansion is a priority as employer investment in mental health skyrockets.”