- Core is a meditation service that recently announced it raised $4 million in seed funding
- Spero Ventures led the funding round
The World Health Organization estimates that lost productivity as a result of depression and anxiety costs the global economy an estimated $1 trillion every year. And The Anxiety and Depression Association of America estimates that nearly one out of every five American adults is impacted by anxiety. One of the recommended ways to get treated for coping with anxiety disorders is meditation and mindfulness.
And a recent study from the Centers for Disease Control and Prevention found that meditation is currently the fastest growing wellness activity in the United States given the low barrier to entry and because of the accessibility of meditation.
One of the ways that people around the world access meditation is through a company called Core. Core is a meditation experience and personalized wellness company that is used by NFL athletes and Grammy Award-winning singers like India.Arie. And recently, Core announced it raised $4 million in seed funding.
This round of funding was led by Spero Ventures and Bolt, Corigin Ventures, and Stanford’s StartX Fund joined as well. Core is going to use the funding to ramp up its production for its e-commerce launch and hiring in engineering, marketing, and product teams.
“Taking care of your mind is an act of strength,” said Core CEO and founder Sarah McDevitt in a statement. “Mental wellbeing is just as important as nutrition and physical activity is to a well-balanced lifestyle, unfortunately in the past, it just isn’t given as much airtime. Thankfully the dialogue is beginning to open up given that we live in a time where decorated Olympians, like Michael Phelps, and well-known celebrities, like Ariana Grande, are sharing their personal struggles with anxiety and depression publicly. This funding is a significant stepping stone for our company. Not only will it help us continue to scale and grow our talented team, it also enables us to connect with the millions of Americans who identify with feeling anxious, overwhelmed or want to boost their self-awareness.”
Core’s founders McDevitt (former college basketball player and former Microsoft employee) and Brian Bolze (former Microsoft employee) had met while they were in graduate programs at Stanford University.
“Over the last few months, Core’s meditation trainer changed the way I tune in to myself and connect to my breath,” added November Project co-founder Brogan Graham. “Our free fitness program has motivated 250,000 people around the world to get exercise. It’s absolutely essential for me, as the leader of fun community-based workouts, to maintain focus and have my head in the game, so I can encourage others to get out of their beds and get moving. Core helps me stay balanced and de-stress. I can’t think of a better way to start or end my day.”
The Core mediation trainer also measures your stress levels via an electrocardiogram (ECG or EKG). And it physically guides users through meditation practice with a soothing pulse that gives users personalized recommendations.
“I’m excited about Core entering the market because they offer an approachable, personalized, and effective solution for understanding and improving your well-being,” explained Christina Tidwell — a registered nurse and holistic health coach. “Movement, nutrition and mental health are all interconnected. There is no such thing as a one-size-fits-all solution for health and wellness and we’re starting to see that emerge in the way we practice healthcare. I appreciate that Core uses personalized data to provide insights to individuals to understand what their unique needs are and how to meet their goals. As a healthcare professional, I definitely recommend Core to clients for meaningful and proactive self-care at home and on the go.”
Average Core users meditate three times per week or more. With high demand, Core quickly sold out of its first production of Core meditation trainers — which was available only through an exclusive beta. Consumers who are interested in buying the next wave of devices (coming later this year) can sign up for notifications at hellocore.com.
“Today’s lifestyles have made it harder to achieve and maintain mental wellbeing and peace of mind. Just as technology has contributed to this problem, we believe technology can be part of the solution,” noted Spero Ventures founding partner Shripriya Mahesh. “At Spero we invest the things that make life worth living — well-being, work & purpose and human connection. Core provides a tangible, accessible and effective way for everyone to achieve an inner sense of wellbeing. We’re very excited to partner with the Core team to bring their vision to life.”