- Headspace — a company that is known for driving mindfulness and meditation — announced recently that it raised $93 million in Series C funding led by blisce/
Headspace — a company that is known for driving mindfulness and meditation — announced recently that it raised $93 million in Series C funding. This funding round was led by blisce/ with participation from Waverley Capital and Times Bridge (the global investments and partnerships arm of The Times Group of India) and existing investors The Chernin Group, Spectrum Equity, and Advancit Capital.
The $93 million funding included $53 million of equity from participating investors and $40 million of debt capital from Pacific Western Bank.
Ever since Headspace launched, it has been one of the most science-backed digital mindfulness products on the market. And the company is continuing to lead the industry in efforts to scientifically validate the benefits of mindfulness and meditation with one of the largest research pipelines of any digital health and wellness company, including more than 70 clinical research studies conducted with academic partners such as Carnegie Mellon, University of California San Francisco, and Stanford University. And in collaboration with leading researchers, Headspace has pioneered some of the largest and most rigorous randomized controlled trials of mindfulness to date.
“Headspace has shown millions of people the power of using mindfulness to mitigate stress, anxiety, and other everyday issues while continuing to advance the field through clinically-validated research,” said Rich Pierson, CEO and Co-Founder of Headspace. “As we think about the next ten years and beyond, we are focused on harnessing this power and applying it to other areas of our members’ lives to help them create healthy routines that last a lifetime – whether that is through our Headspace consumer app, the work we currently do with hundreds of employers, or with healthcare providers as we look to deliver better access. We are excited to work with leading global investors who share our vision to improve the health and happiness of the world.”
Headspace essentially helps users apply mindfulness to promote health outcomes and support members through content tailored around stress, anxiety, sleep, and focus, among other key need states. Over the past 9 years, Headspace has experienced explosive growth, including over 62 million downloads in 190 countries and over 2 million paid subscribers.
There are over 600 corporate customers through Headspace for Work. Corporate customers include Starbucks, Adobe, Hyatt, and GE. And Headspace currently works with 15% of Fortune 100 and 20% of Fortune 50 companies. And the company is partners with two of the top three conglomerates and two of the top three technology companies within the category.
Along with growing its direct-to-consumer business, Headspace will continue to invest in Headspace for Work — which is its rapidly expanding B2B segment. And the company has seen its revenue double year over year from 2017 to 2018 and most recently in 2019, a trend it expects to continue. Plus the company will also continue to invest in Headspace Health, which is its revolutionary endeavor to integrate mindfulness into healthcare.
“Headspace’s mission to make health and happiness more accessible to people around the world resonates deeply with blisce/’s core belief that it is possible to both ‘Do Good’ while also building a strong business with sustainable growth,” added Alexandre Mars, Founder & CEO at Epic & at blisce/. “We are proud to partner with Rich, Andy and the entire Headspace team in their commitment to transforming the mindfulness and meditation space through scientific research and authentic expertise, and are excited to support the impact they’re making on mental health, not only through the consumer app, but through their efforts across healthcare, digital medicine, science, and the workplace.”
Going forward, Headspace will also use the new capital to continue to accelerate its growth momentum with a focus on further international expansion.
Last year, the company launched localized versions of the app in French and German. Plus the company appointed former Apple executive Renate Nyborg as Head of Europe to lead expansion in the region.
Headspace also launched Latin American Spanish and Brazilian Portuguese. And the company is continuing its expansion in Asia through strategic relationships with partners such as The Times of India.
“Headspace is the clear leader in mindfulness and meditation, and its rapid growth and international expansion is a testament to the company’s authenticity, influence, and impact, particularly when it comes to the scientific work that has been an integral part of the business since the company’s inception,” explained Rishi Jaitly, CEO at Times Bridge. “Headspace co-founder Andy Puddicombe began his mindfulness journey as a monk in India, and we’re excited to bring things full circle through this strategic partnership. We look forward to supporting the company as it enters one of the fastest-growing health and wellness markets in the world.”