Headspace, a leading digital health and wellness media brand, has closed a significant financing round to expand its award-winning meditation, mindfulness and health-related media platform.
The financing round was led by The Chernin Group, with participation from other institutions including Advancit Capital, Allen & Company, Breyer Capital, Broadway Video Ventures, Deerfield Management, Freelands Ventures, and William Morris Endeavor, as well as entrepreneurial individuals such as The Honest Company co-founder Jessica Alba and producer/entrepreneur Cash Warren; actor/musician Jared Leto; TV/radio host and producer Ryan Seacrest; and LinkedIn CEO Jeff Weiner.
“We’re excited that we have been able to attract such an amazing group of investors to help us achieve our ambitious plans,” said Headspace CEO Sean Brecker. “Our goal is to help people prioritize the health of their minds by taking proactive steps for a healthier, happier life. Mental health disorders are a global issue that need to be addressed through innovation, technology, and funding. The World Economic Forum predicts the economic costs of mental health issues will balloon to $6 trillion by 2030 – more than cancer, diabetes, and respiratory ailments combined.”
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Proceeds from the round will be used to expand and diversify content, improve functionality and personalization, and further grow Headspace’s loyal user community. Headspace also plans to hire additional team members at its headquarters in Venice, California, as well as in its London office. The infusion of capital will help further build upon a world-class team of engineers, marketers, and scientists, as well as add creative expertise across content, product, and design.
Headspace is best known for its guided meditation service, currently available on iOS, Android, and web platforms. Taught by world-renowned mindfulness expert and Headspace co-founder Andy Puddicombe, Headspace has a broad range of authentic mindfulness exercises in the areas of health, performance, and relationships. The service is supported by monthly releases of new content, live events, books, creative web content, social media and the popular podcast Radio Headspace.
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“We are thrilled to have the opportunity to deliver on this exciting mission,” said Puddicombe. “As a team we are deeply passionate about transforming the culture of mind health toward that of prevention. We believe this funding round will allow us to accelerate efforts to help people be healthier and happier, by making authentic, engaging, and practical tools accessible to everyone.”
“Headspace is a unique company that has built an impressive, fast-growing product and is also serving a greater purpose in enhancing and improving people’s lives,” added Jesse Jacobs, president of The Chernin Group. “We are excited to support its next phase of growth.”