Headspace nabs $47 million for its popular meditation app

In recent weeks, Headspace has filled the airwaves with ads about its guided meditation courses. With millions of people impacted by the ongoing coronavirus pandemic, many Americans have lost their jobs and others are suffering from mental health.

Founded a little over a decade ago, Headspace provides guided meditation sessions and mindfulness training to improve the health and happiness of people around the world. Headspace was one of the first meditation apps in the world and remains a leader in mindfulness and mental training. Its app is used by more than 65 million users in 190 countries.

Today, Headspace announced it has secured $47.7 million in additional funding according to a news first reported by CrunchBase, citing filing with the U.S. Securities and Exchange Commission (SEC). The equity financing is an extension to its previously reported Series C, bringing total equity funding for that round to just over $100 million. Back in February, Headspace raised a total of $93 million in its Series C funding round. The new funding includes $53 million of equity from participating investors and $40 million of debt capital from Pacific Western Bank.

Founded in 2010 by Andy Puddicombe and Richard Pierson, the Santa Monica, California-based Headspace was one of the first meditation apps in the world and remains a leader in mindfulness and mental training. Its health application can be downloaded in mobiles and tablets that provide mindfulness and mental training through health videos and chat options, enabling users and companies to access free meditation sessions and mindfulness training.

Just today, the state of Michigan Department of Health and Human Services partnered with Headspace to launch “Stay Home, Stay MIndful,” a free website with mental health resources like guided meditations and at-home exercises for Michiganders.

Headspace operates a B2B business (Headspace for Work) to offer its mindfulness products and services to more than 700 companies, such as Starbucks, Adobe, GE, Hyatt and Unilever, to help them build healthier, more productive cultures and higher performing organizations. Headspace supports government entities like New York State and the UK’s National Health Service (NHS) to offer digital mental health tools.

Headspace also partners with many of the world’s most-recognizable brands, including Apple and Amazon, as well as with Nike, NBA and the U.S. Women’s National Soccer Team to offer sport and movement content. Headspace Health is Headspace’s digital health subsidiary pioneering new ways to incorporate the Headspace mindfulness experience into digital medicine.

Popular meditation app Headspace has closed on $47.7 million in fresh funding. The financing is an extension to its previously reported Series C, bringing total equity funding for that round to just over $100 million