Simple Habit, a meditation app designed to help busy professionals reduce stress and improve mental well-being, is valued at $12 million as of 2024. The app was created by Yunha Kim, a former investment banker, and launched in 2016. Yunha was inspired to create the app after experiencing the pressure and stress of her own busy work life.
It provides users with guided meditation to help them relax, improve sleep, and manage daily stress. The app’s primary audience consists of young professionals, many of whom are juggling demanding jobs and personal responsibilities.
The app offers a free version with basic features and a premium subscription that unlocks enhanced meditation content, priced between $49 and $99 annually.
Simple Habit received significant attention during its Shark Tank appearance in 2017. Yunha pitched the business on the show, seeking $600,000 for 5% equity.
However, the pitch was filled with tension when the Sharks questioned why she was raising capital despite having already raised $2.8 million in funding. Mark Cuban even labeled Yunha a “gold digger,” and the situation became increasingly heated.
Robert Herjavec and Richard Branson made an offer for $600,000 in exchange for 20% equity, but Yunha refused, as her prior investors had valued the company at $10 million.
Despite not securing a deal on Shark Tank, the publicity from the show provided a huge boost. By the end of 2017, Simple Habit had gained over 1 million downloads.
Since then, the app’s growth has continued at a remarkable pace, reaching 5 million users and adding around 80,000 new members every month. The increased visibility helped Yunha secure further funding, raising $12.8 million from high-profile investors such as New Enterprise Associates, Y Combinator, and Foundation Capital.
Today, Simple Habit is considered one of the top meditation apps, alongside industry giants like Calm, Headspace, and Insight Timer. It has been highly rated on various platforms, with Verywellmind.com recognizing it as one of the best apps for meditation.
Simple Habit’s estimated annual revenue stands at around $5 million, with a valuation of $12 million, reflecting its success in the highly competitive wellness app market.
