Simple Habit, the mediation and wellness startup, raised $10 million in Series A funding led by the Silicon Valley-based venture capital firm, Foundation Capital headed by Steve Vassallo.
Simple Habit, which graduated from Y Combinator in 2017, had previously raised $2.8 million from seed investors, bringing the company’s total funding to $12.8 million. It has created a five minute meditation app for stressed-out people by providing bite-size meditations and connect with world-class experts.
Headquartered 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.
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“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 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,” said Kim.
A part of the meditation and wellness industry, Simple Habit added more than 1,000 new sessions to its audio content library, doubled the number of experts who contribute content and saw 80% of growth fueled by strong organic word of mouth.
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“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,” Kim said.
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.