Los-Angeles headquartered Headspace, a mindfulness and meditation company, has raised a total of $93 million in a mix of equity and debt funding to continue to scale in India and globally, the company announced on Wednesday.
The Series C round was led by US-based growth stage venture firm Blisce, and joined by Waverley Capital and Times Bridge, the investment arm of Bennett Coleman and Co. Ltd’s Times Group. Existing investors Chernin Group, Spectrum Equity and Advancit Capital, too, joined the round.
The equity portion of the financing comprises about $53 million, while the balance $40 million was secured as debt capital from Pacific Western Bank.
In addition to growing its direct-to-consumer business, Headspace will continue to invest in Headspace for Work, its B2B segment, it said in a statement. It will also use the new capital to expand in international markets.
Rishi Jaitly, CEO of Times Bridge of India, said, “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.”
Headspace, which was founded in 2010 by Richard Pierson and Puddicombe, helps users apply mindfulness to promote health outcomes and supports its members through content tailored around stress, anxiety, sleep and focus, among other key need states.
The company claims to have witnessed over 62 million downloads in 190 countries, of which over 2 million are paid subscribers. It counts Starbucks, Adobe, Hyatt and GE, among its corporate customers. It also claims to have one of the largest research pipelines in the digital health space, with over 70 clinical studies conducted with institutions such as Carnegie Mellon and the University of California.
Headspace said it will continue its expansion in Asia through strategic relationships with partners such as Times of India.