Digital meditation app Calm landed a $75 million in Series C funding, pushing up the company’s valuation to $2 billion. Lightspeed Venture Partners led the round with participation from TPG, Insight Venture Partners, Marc Benioff and funds managed by Goldman Sachs Asset Management. 

This news come a little over a year after the company announced a $113 million Series B raise.

WHAT IT DOES

The company built a guided meditation app that helps users with sleep and relaxation. The app has different programs, including ones on how to meditate and a breathing-coach feature. It also has sleep stories guided by celebrities, including Hollywood A-listers Mathew McConaughey and Idris Elba. 

The platform also includes a number of scenes and settings presented to help users relax. Additionally, it has music, body exercises and masterclass features. Individuals can buy a subscription to the app, but Calm also works with payers to offer it to members and employees. 

WHAT IT’S FOR 

The company plans on using the new funds to grow its business globally and expand its foothold in the employer health market. 

“We’ve only just begun supporting companies on their journey to increase employee resilience,” Alex Tew, Calm cofounder and co-CEO, said in a statement. “This financing round will advance our efforts in building a strong global workforce, meeting overwhelming market demand. Our Calm for Business expansion is a priority as employer investment in mental health skyrockets."

MARKET SNAPSHOT 

Digital mental health tools are on the rise, and the meditation apps, in particular, have seen interested from venture firms. One of Calm’s main competitors is Headspace, also a mindfulness and meditation app. In June, SEC filings revealed that the company raised a total of $100.7 million in Series C funding.

But there are other smaller competitors in the space as well. Including Simple Habit, which landed $10 million in 2018 and Muse, which makes an EEG headband and accompanying mobile app.