Meditation app Headspace raised another $ 47.7 million in funding, according to a filing with the Securities and Exchange Commission. The new funds, an extension of its recent $ 93 million series C round, were raised in the midst of the Covid-19 pandemic.
Crunchbase News first pointed out the new filing, listed under OrangeDot Inc. In an email, Headspace said lead investors from its series A, B and C rounds participated.
“We had always planned an extension of our Series C,” a company spokesperson wrote in an email. “This extension is now complete and was led by existing investors, adding $ 47.7 million to the $ 53 million raised in February, bringing the total equity funding to $ 100.7 million for our Series C.”
In February, Headspace raised $ 40 million in debt and $ 53 million in equity, led by New York-based venture capital firm blisce/. The Santa Monica-based startup is focused on building out its corporate clients, which include Starbucks and Adobe. Headspace said it currently has 600 enterprise customers.
The company’s app is also being used in several clinical trials, such as one by the University of California San Francisco to measure meditation’s effect on work stress. Headspace had previously mentioned plans to seek FDA approval for an undisclosed indication, but it hasn’t yet shared any new details or timing.
Though the Covid-19 pandemic has created a difficult financial climate for many companies, digital health startups seem to have largely weathered the storm. In the first quarter of 2020, they raised a record-breaking $ 3.1 billion, according to Rock Health. The coming quarter will shed more light on the pandemic’s financial impact.
Photo credit: Headspace