Meditation App Calm Said to Seek Funds at $2.2 Billion Valuation
A man counts a bundle of U.S. one-hundred dollar bills in Turkey. (Photographer: Kerem Uzel/Bloomberg)

Meditation App Calm Said to Seek Funds at $2.2 Billion Valuation

Calm, maker of a meditation and sleep app, is exploring a new funding round that could more than double the company’s valuation, according to people with knowledge of the matter.

The San Francisco-based startup has discussed raising about $150 million at a $2.2 billion valuation, said one of the people, who requested anonymity because the plans are private. The share sale could include a component allowing some early investors to sell, said some of the people. No decision has been made, and terms could change.

Representatives at Calm didn’t immediately respond to requests for comment.

Calm, founded by Alex Tew and Michael Acton Smith, has raised about $143 million and was last valued at $1 billion, according to PitchBook. Investors include singer Harry Style​​​​​​s, Monkfish Equity, Insight Partners, TPG, Lightspeed Venture Partners and Ashton Kutcher’s Sound Ventures.

Narrators on the app include tennis legend John McEnroe and actor Matthew McConaughey, and Calm announced a partnership last year with basketball star LeBron James.

During the pandemic, users have ramped up their downloads of self-help apps. In April 2020, Calm, which is profitable, was downloaded 3.9 million times, followed by Headspace and Meditopia with 1.5 million and 1.4 million installs respectively, according to Sensor Tower.

Earlier this year, Headspace raised $93 million in debt and equity, while Meditopia raised $15 million.

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