INSUBCONTINENT EXCLUSIVE:
Headspace, the Los Angeles-based mindfulness and meditation company locked in a bitter competitive struggle with Calm for leadership in the
mental wellness world, has raised new capital to try to take the pole position.The company has just closed on $93 million in new equity and
debt financing from a slew of investors as it pursues a number of clinical studies that could provide scientific validation for the somewhat
nebulous claims around the benefits associated with mindfulness and meditation.That clinical validation can also unlock new dollars in the
form of government payments for mindfulness therapies that could be used to treat a variety of conditions
of 70 clinical studies working in conjunction with academic partners, including Carnegie Mellon, University of California San Francisco and
investment arm of The Times Group of India), The Chernin Group, Spectrum Equity and Advancit Capital
power of using mindfulness to mitigate stress, anxiety, and other everyday issues while continuing to advance the field through
more than 62 million times in 190 countries
money will be used to double down on its pitch to businesses and healthcare practitioners, according to a statement from the company, as
well as to look at international markets
The company already has German and French versions of the app and has appointed the Apple executive Renate Nyborg to lead its European
expansion.As the new cash comes in, Headspace also has more money to compete for the attention of consumers with Calm, which raised an $88
million round (one that valued the company at over $1 billion) a little over a year ago.Backed by TPG Capital and the entertainment agency
seems to center more on a direct-to-consumer strategy that has seen the company enlist celebrities like James, John McEnroe, Matthew
