Calm Revenue, Valuation, Funding & Investors
Calm is valued at $2B as of December 2020, a 6.7x multiple on its last reported $300M revenue.
Last Calm valuation
$2B
Series C · Dec 2020
Last Calm funding round
$75M
Series C · Dec 2020
Calm revenue
$300M
Series C · Dec 2020
Key investors in Calm
Insight Partners
Lightspeed Venture Partners
TPG
Sound Ventures
The Syndicate.com
Elefund
About Calm
Calm is a mobile meditation and mental wellness app, launched in 2012 by co-founders Michael Acton Smith and Alex Tew. It guides users through meditation, sleep, stress-relief, and relaxation content, including Sleep Stories and audio from celebrities and athletes, available mainly through an annual subscription. Beyond its consumer app, the company also offers Calm for Business, a wellness product for corporate clients.
Founded
2012
HQ
United StatesWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$300M (Dec 2020)
Valuation
$2B (Dec 2020)
Sectors
Calm Valuation
Calm is currently valued at $2B, based on its Series C in December 2020.
The $75M round was led by Lightspeed Venture Partners, with participation from TPG, Insight Partners, Marc Benioff, Goldman Sachs Asset Management and Empede Capital.
Calm's valuation has grown 8.0x from $250M at its Series A in June 2018 to $2B in December 2020, across 4 priced rounds.
Calm valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2020 | Series C | $2B | 6.7x |
| Jul 2019 | Series B | $250M | 3.3x |
| Feb 2019 | Series B | $1B | 6.7x |
| Jun 2018 | Series A | $250M | 3.3x |
Calm Revenue
Calm's latest recorded revenue is $300M, as of its Series C in December 2020. At a $2B valuation, that implies a 6.7x revenue multiple.
Revenue grew from $75M in June 2018 to $300M in December 2020, while the revenue multiple moved from 3.3x to 6.7x.
Calm revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2020 | $300M | $2B | 6.7x | Series C |
| Jul 2019 | $75M | $250M | 3.3x | Series B |
| Feb 2019 | $150M | $1B | 6.7x | Series B |
| Jun 2018 | $75M | $250M | 3.3x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Calm Funding History
Calm has raised a total of $218M across 6 funding rounds.
Calm's first fundraising round was a $500K seed round in February 2013. The most recent completed round was a $75M Series C in December 2020.
Calm funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Series C | Lightspeed Venture Partners (lead); TPG; Insight Partners; Marc Benioff; Goldman Sachs Asset Management; Empede Capital | $75M | $2B | Calm is a mobile meditation and mental wellness app that guides users through meditation, stress relief, and sleep-related practices. The company monetizes through yearly subscriptions priced at $70 annually and has expanded from primarily free meditation content to a largely subscription-based model, reducing free content availability from approximately 90% to roughly 5%. The company has diversified its content offerings with audio from celebrities and athletes including LeBron James and Matthew McConaughey, while also developing a B2B wellness offering for corporate clients. In Calm's 2020 Series C funding round led by Lightspeed Venture Partners with participation from TPG, Insight Partners, Goldman Sachs Asset Management, Empede Capital, and Marc Benioff, the company was valued at $2 billion post-money, with $75 million raised. At the time of this round, Calm had generated approximately $300 million in 2020 revenue and reached over 25 million users globally. The company's valuation reflected a 6.67x revenue multiple on its 2020 revenues. The dramatic growth from $150 million to over $500 million in revenue occurred during the COVID-19 pandemic, demonstrating strong demand for digital wellness solutions. |
| Jul 2019 | Series B | Lightspeed Venture Partners (lead) | $27M | $250M | Calm is a meditation and mindfulness app offering audio content for stress management, focus improvement, sleep, and relaxation, including sessions, music, and stories from celebrities. In July 2019, Calm raised $27 million in the second tranche of its Series B round led by Lightspeed Venture Partners, following an initial $88 million Series B tranche in February 2019 led by TPG at a $1 billion valuation. An earlier report on a similar $27 million round (likely Series A in June 2018 led by Insight Venture Partners) stated a $250 million pre-money valuation, with the company generating $22 million in revenue in 2017 and reaching an annual revenue run rate of $75 million at that time. The Lightspeed-led $27 million extension in July 2019 aimed to grow Calm's enterprise and consumer wellness initiatives, building on prior funding like the Series A. Calm reported strong traction with high margins, over 100 million downloads later, and profitability since 2016, focusing on mental health amid growing market interest. Subsequent developments included a $75 million Series C in December 2020 led by Lightspeed at a $2 billion valuation, bringing total funding to $217-218 million, with enterprise offering Calm for Business covering millions through employer partnerships. The mental wellness sector boomed, especially post-COVID, with competitors like Headspace and investors like TPG, Insight, and Lightspeed betting on scalable digital content for sleep, meditation, and stress relief. |
| Feb 2019 | Series B | TPG (lead); Sound Ventures; Powerhouse Capital; Monkfish Equity; Raj Luhar; Insight Partners; CAA Ventures; Concrete Hill; Evolution Media | $88M | $1B | Calm is a meditation and sleep app offering guided meditation sessions, Sleep Stories, breathing coach, Calm Music, and Masterclasses via subscription, launched in 2012 by co-founders Michael Acton Smith and Alex Tew. The company secured an $88 million Series B funding round in February 2019 led by TPG Growth, with participation from CAA, Insight Venture Partners, and Sound Ventures, bringing total funding to $116 million at a $1 billion valuation, achieving unicorn status after a prior $250 million valuation post-Series A in 2018. Funds were allocated primarily to international growth and content investment. At the time, Calm reported over 40 million downloads worldwide and more than 1 million paying subscribers. The company quadrupled its revenue in 2018, became profitable, and was on track for $150 million in annual revenue in 2019. It expanded beyond consumer apps with investments like $3 million in XPresSpa and partnerships such as with American Airlines for in-flight content. Operating in the booming health and wellness market, valued at $4 trillion, Calm positioned itself as a leader in digital mindfulness amid rising meditation popularity, tripling from 4.1% to 14.2% U.S. usage per CDC data from 2012-2017. A subsequent $27 million Series B extension in July 2019 with Lightspeed maintained the $1 billion valuation, followed by later rounds reaching $2 billion by 2020. |
| Jun 2018 | Series A | Insight Partners (lead); Sound Ventures; The Syndicate.com; Lombardstreet Ventures; Lionheart Ventures; David Langer; Jason Calacanis; Elefund | $27M | $250M | Calm is a leading meditation, mindfulness, and sleep app offering over 100 hours of original audio content including Daily Calm sessions, Sleep Stories, meditation lessons, multi-day programs, nature sounds, Calm Masterclasses, and music. The app is free to download with an optional $60 annual subscription for full access. On June 20, 2018, Calm raised $27 million in a Series A funding round led by Insight Venture Partners at a $250 million pre-money valuation, with participation from Sound Ventures (Ashton Kutcher) and Harry Styles, bringing total funding to $28.5 million including a prior $1.5 million seed round. At the time of the Series A, Calm had achieved over 26 million downloads and 50,000 new sign-ups daily, driven largely by word-of-mouth growth. The company reported generating $22 million in revenue in 2017 and reaching an annual revenue run rate of $75 million as of June 2018. Investors highlighted Calm's bold vision to mainstream mindfulness and address mental health issues, with Insight Venture Partners' Harley Miller and Nicolas Wittenborn joining as board observers. The funding aimed to support Calm's expansion in the rapidly growing mental wellness market, where meditation apps like Calm and Headspace were attracting significant venture interest amid rising focus on mental health in tech and society. Subsequent rounds included an $88 million Series B in February 2019 at $1 billion valuation led by TPG Growth, with 2018 revenue reaching $80 million (fourfold growth from $20 million in 2017 per later reports), over 40 million downloads, more than 1 million paying subscribers, and a $150 million revenue run rate, confirming profitability and cash-flow positivity. |
| Jun 2014 | Seed | LAUNCH (lead); Matt Cheng; NEON Adventures; Audrey Capital; The Syndicate.com; Matt Mullenweg; Cherubic Ventures; Counterpart Advisors | $600K | - | - |
| Feb 2013 | Seed | Listen Ventures; Saki Georgiadis; Kirill Makharinsky; Sokratis Papafloratos; David Fox; Andy McLoughlin; Oleg Tscheltzoff; Darius Contractor; Elefund; Darran Garnham; Joe Greenstein; Michael Birch | $500K | - | - |
Who has invested in Calm?
37 investors have backed Calm across its funding rounds, including Insight Partners, Lightspeed Venture Partners, TPG, Sound Ventures, The Syndicate.com and Elefund.
Lead investors include Lightspeed Venture Partners, TPG, Insight Partners and LAUNCH.
Calm Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 3 | Lead | Jun 2018 | |
| Los Angeles, CA | 2 | Participant | Jun 2018 | |
| San Francisco, CA | 2 | Participant | Jun 2014 | |
| San Francisco, CA | 2 | Lead | Jul 2019 | |
| San Francisco, CA | 2 | Participant | Feb 2013 | |
| San Francisco, CA | 2 | Lead | Feb 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Matt Cheng | San Francisco, CA | 1 | Participant | Jun 2014 |
 London | 1 | Participant | Jun 2014 | |
| Chicago | 1 | Participant | Feb 2013 | |
 Singapore | 1 | Participant | Feb 2013 | |
| Los Angeles, CA | 1 | Participant | Feb 2019 | |
 Leipzig | 1 | Participant | Feb 2019 | |
| San Francisco, CA | 1 | Participant | Jun 2014 | |
This data is available for Pro users. Sign up to see all 37 Calm investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Calm
Calm has acquired 1 company to date.
Last acquisition by Calm was on February 2nd 2022. Calm acquired Ripple Health Group for undisclosed valuation.
Latest Acquisitions by Calm
| Description | Ripple Health Group is a U.K.-based health technology firm delivering integrated physical, mental, and social care solutions. London-headquartered, it deploys apps and services for remote monitoring, therapy sessions, and community support in NHS partnerships. Programs target vulnerable populations with digital check-ins, AI risk assessments, and multidisciplinary teams across England. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 2 Feb 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Calm acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Calm
Calm has invested in 2 companies to date.
Latest investment by Calm was on September 9th 2025. Calm invested in ZeroMark in their $200K Series A round.
Latest Investments by Calm
| Description | ZeroMark is a defense technology company developing products for enhanced safety and precision in kinetic and non-lethal weapons. Its solutions focus on minimizing risks during deployment in military and security operations, integrating advanced targeting and control systems. | Complete is a compensation management platform that equips HR teams with interactive offer letters, total reward statements, and real-time dashboards. New York-headquartered Complete automates compensation cycles, benchmarks salaries against market data, and supports equity tracking. Used by startups and scale-ups, the platform integrates with payroll systems like Gusto and BambooHR to streamline hiring and retention processes. |
| HQ Country | | |
| HQ City | New York City, NY | San Francisco, CA |
| Deal Date | 9 Sep 2025 | 22 Aug 2022 |
| Round | Series A | Seed |
| Raised | $200K | $4M |
| Investors | Intrepid Financial Partners; Aero X Ventures; Beaten Zone Venture Partners; Gaingels; What If Ventures | Stripe; Y Combinator; Accel |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Calm investments and their VC round multiples. Start Free Trial | ||
Calm Competitors
Calm competitors include listed companies like Meitu and Opera, and private ones like InMobi, The Bot Company, Voodoo and ABLY Corporation.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Bangalore | Private | $1B | - | $2B | 2.0x | |
| San Francisco, CA | Private | - | - | $2B | - | |
 Paris | Private | $437M | - | $2B | 4.5x | |
 Seoul | Private | $239M | - | $2.1B | 8.7x | |
 China | Publicly listed | $575M | $137M | $2.2B | 2.6x | |
| United States | Publicly listed | $615M | $141M | $1.6B | 2.1x |
Calm Public Comps
Calm is still privately-owned, but its public comps include Meitu, Opera, Ireader, Wondershare, Grindr, Strive, Yalla Group, Life360, Truecaller and Hello Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $575M | $137M | 3.0x | 2.6x | 12.5x | 9.6x | |||
| $615M | $141M | 2.4x | 2.1x | 10.5x | 9.2x | |||
| $484M | ($16M) | 2.7x | 3.5x | (81.1x) | - | |||
| $229M | ($6M) | 6.3x | 6.4x | (231.3x) | (175.1x) | |||
| $440M | $145M | 7.0x | 6.0x | 21.1x | 13.8x | |||
| $4M | ($21M) | 878.1x | 316.5x | (149.8x) | (64.9x) | |||
| $342M | $128M | - | - | - | - | |||
| $489M | $32M | 6.4x | 5.0x | 97.0x | 25.6x | |||
This data is available for Pro users. Sign up to see all Calm competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Calm
| When was Calm founded? | Calm was founded in 2012. |
| Where is Calm headquartered? | Calm is headquartered in United States. |
| Is Calm publicly listed? | No, Calm is a private, VC-backed company. |
| What is Calm's valuation? | Calm was last valued at $2B in its Series C in December 2020. |
| How much funding has Calm raised? | Calm has raised $218M across 6 funding rounds. |
| What was Calm's last funding round? | Calm's last funding round was a $75M Series C in December 2020, led by Lightspeed Venture Partners. |
| Who are Calm's investors? | Calm's investors include Insight Partners, Sound Ventures, The Syndicate.com, Lightspeed Venture Partners, Elefund, TPG, Matt Cheng, NEON Adventures, Listen Ventures, Saki Georgiadis and 27 others. |
| What is Calm's revenue? | Calm's latest recorded revenue is $300M (December 2020). |
| What is Calm's revenue multiple? | Calm's latest valuation implies a 6.7x revenue multiple ($2B valuation on $300M of revenue). |
| Which companies are comparable to Calm? | Companies comparable to Calm include InMobi, The Bot Company, Voodoo, ABLY Corporation, Meitu and Opera. |
| How many companies has Calm acquired? | Calm has acquired 1 company, including Ripple Health Group. |
| How many companies has Calm invested in? | Calm has invested in 2 companies, including ZeroMark and Complete. |
| What was Calm's last investment? | In September 2025, Calm invested in ZeroMark's $200K Series A alongside Intrepid Financial Partners, Aero X Ventures, Beaten Zone Venture Partners and 2 other investors. |
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