Times Bridge Backs Meditation App Headspace In Series C Funding

Times Bridge Participates In $93 Mn Series C Funding Round In Headspace

SUMMARY

The round was led by The Blisce Group with participation from Waverley Capital and Times Bridge

Times Bridge said that it would enable growth and scale for Headspace across India

Headspace is a meditation app with over 62 Mn users across 190 countries

Times Bridge, the global investments and partnerships arm of an Indian media company, the Times Group, has announced that it has participated in $93 Mn Series C funding round of US-based healthtech company Headspace.

The funding round was led by The Blisce Group (blisce/) with participation from Waverley Capital and Times Bridge and existing investors The Chernin Group, Spectrum Equity and Advancit Capital. Headspace said it will use funding to invest in Headspace Health, an endeavour to integrate mindfulness into healthcare and Headspace for Work, its rapidly-expanding B2B segment.

Times Bridge said that as part of the partnership, it would enable growth and scale for Headspace across India and ensure Headspace’s products, partnerships and positioning are optimised for far-reaching impact.

Thrilled to announce our strategic investment in @Headspace, a global leader in mindfulness and meditation! We’re delighted to advance Headspace’s important health-and-happiness mission across the length and breadth of India. pic.twitter.com/kK0UfcybaU

— Times Bridge (@timesbridge) February 12, 2020

Founded in 2010 by Andy Puddicombe and Richard Pierson, Headspace started as a mindfulness and meditation app and has grown into a platform for improved health outcomes across a range of issues. It supports members through content tailored around stress, anxiety, sleep and focus, among other key need states.

The company claims to have more than 62 Mn users across 190 countries. It claims to have over 2 Mn paid subscribers and has more than 600 corporate customers through Headspace for Work, including Starbucks, Adobe, Hyatt and GE.

Rishi Jaitly, CEO of Times Bridge of India, said, “Headspace is the clear leader in mindfulness and meditation, and its rapid growth and international expansion is a testament to the company’s authenticity, influence and impact, particularly when it comes to the scientific work that has been an integral part of the business since the company’s inception. Headspace cofounder Andy Puddicombe began his mindfulness journey as a monk in India, and we’re excited to bring things full circle through this strategic partnership.”

Times Bridge has also invested in global companies like AirBnb, Coursera, Smule, Uber, Wattpad among others.

According to the World Health Organisation (WHO), for every 100K people, 2400 years cumulatively are spent managing mental disability or trauma. In addition to the stigma attached to seeking professional help, there is also a shortage of mental wellness professionals in India, estimated to be around 0.07 clinical professionals per 100K people (as of 2017).

Within healthtech, apps such as Headspace are looking to fill the gap by bringing professional-backed digital content to ease access. Indian healthtech startups such as Wysa, Curefit’s Mind.fit, YourDOST, YourHour, InnerHour and others are also looking to bridge the gap and eliminate the stigma associated with seeking professional help. With the rise of the subscription economy, Headspace’s arrival indicates that the market may be ready for more such mental health and mindfulness services.