Calm has raised $75 million in Series C financing, valuing the company at $2 billion. This round brings total funding to date to $217 million.

WHO: Launched in 2012, Calm was co-founded by Alex Tew and Michael Acton Smith and is home to exclusive audio content that helps users manage stress, improve focus and sleep better. With hundreds of hours of original audio content available in seven languages, Calm supports users in more than 190 countries.

IN THEIR OWN WORDS: “We’ve only just begun supporting companies on their journey to increase employee resilience,” said Alex Tew, Calm co-founder and co-CEO. “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.”

We’ve greatly expanded our audio library in recent years to support and strengthen Mental Wellness through meditation, music, wisdom and sleep,” said Michael Acton Smith, Calm co-founder and co-CEO. “Calm’s unique content has helped transform many lives and has now had over 1 million five-star reviews in the App Store.”

“Calm continues to redefine the wellness category, innovating across content and distribution channels,” said Nicole Quinn, Lightspeed Venture Partner and Calm’s newest board member. “With Calm’s renewed focus on accessibility through global expansion and enterprise, Calm is on track to be one of the most meaningful brands of our lifetime.”

DETAILS:

• Calm raised $75 million in Series C financing, valuing the company at $2 billion. Existing investor Lightspeed Venture Partners led the round with participation from TPG, Insight Venture Partners, Marc Benioff, and funds managed by Goldman Sachs Asset Management. This round brings total funding to date to $217 million.
• Profitable since 2016, Calm continues rapid growth with over 100 million downloads and 4 million paying members. One primary driver is Calm for Business, the brand’s enterprise arm, which covers more than 10 million lives through employer partnerships.
• Daily downloads doubled and members listened to more than a billion minutes of content in 2020, up 100% from 2019.
• With global content consumption soaring, Calm introduced localized content in its seventh language, Japanese, this December, unlocking additional growth in APAC.
• In July 2019 Lightspeed invested $27 million into a Series B extension round in Calm alongside some celebrity angels at a $1 billion valuation.
• TPG Growth led the latest round, which also included participation from Creative Artists Agency (CAA) and existing investors Insight Venture Partners and actor Ashton Kutcher’s Sound Ventures.
• The extension takes the company’s Series B to $115 million, bringing its total funding to date to $143 million, according to its Crunchbase profile.
• In June 2017 the company raised a $27 million Series A and a convertible note in November 2018.
• The business raised a Seed round in 2014 of $584K.
• Calm quadrupled revenue in 2018 to $80MM from $20MM.