Meditation app Calm raised $27 million in Series A funding as it looks to expand internationally and build a meaningful brand.
The company said it was valued at $250 million prior to the funding and had previously raised $1.5 million from seed investors. The app has been downloaded more than 26 million times and sees 50,000 new sign-ups everyday, Calm said in a statement. It generated $22 million in revenue in 2017, the company added.
“Our ambition is to build one of the most valuable and meaningful brands in the world. Calm is a business with a rare combination of factors: fast-growing, profitable and positive for the world,” said Alex Tew, Calm co-founder and co-CEO, while his counterpart Michael Acton Smith said that in a very short amount of time “meditation has moved from the fringe of society to the mainstream.”
The funding round was led by Insight Venture Partners with participation from Sound Ventures and singer Harry Styles.