Selena Gomez-backed ‘mental fitness’ startup Wondermind valued at $100m

A startup co-founded by pop star Selena Gomez, Wondermind, is elevating funds at a valuation of $100m (€97m) because it seems to capitalise on a increase within the mindfulness pattern.

ennis icon Serena Williams’s enterprise fund, Serena Ventures, led the $5m early-stage spherical, which was joined by Lightspeed Venture Partners and Sequoia Capital. Brent Saunders, the previous chief government officer of pharmaceutical firm Allergan, additionally took half.

Wondermind is concentrated on “psychological health”, selling routines to keep up psychological well being just like how you’d go to a gymnasium to remain bodily match.

Ms Gomez, Hollywood producer and Gomez’s mom Mandy Teefey and Daniella Pierson, the founder of popular culture e-newsletter Newsette, began the corporate after Ms Pierson met the mother-daughter duo two years in the past and shortly hit it off.

“They have been so uncooked and actual and weak about their psychological well being that I used to be utterly in awe,” Ms Pierson stated. “We all determined collectively that we needed to do one thing.”

Investors have poured cash into mental-health startups over the previous two years, with whole funding within the sector reaching $5.5bn in 2021, based on information from analytics agency CB Insights – greater than double the earlier yr’s whole. While having the backing of a celeb helps appeal to consideration, it is no assure of success. Mindfulness is an summary idea by nature and competitors is rising.

Early choices at Wondermind embrace social-media channels and a e-newsletter, which presents “a roadmap for overcoming stigma, shifting your mindset and feeling supported,” based on its web site.

Ms Teefey is engaged on constructing the operation’s manufacturing division, which can create and launch content material on psychological well being. Ms Gomez is concentrated on inventive route and advertising and marketing.

Physical merchandise that contain behavioural therapies are being developed as effectively, Ms Pierson stated, with out sharing particulars.

Ms Williams, one of many best ever tennis gamers, earlier this week introduced her retirement from skilled tennis to concentrate on her household and her enterprise capital agency.

She has been investing for 9 years and has a portfolio that features recipe market Foody, youngsters’ social community Zigazoo and cryptocurrency agency Nestcoin.

“We’re clearly going to do extra, and be a fund that does elevate a billion {dollars} ultimately,” Ms Williams stated in an interview. “One factor I’m good at is constructing a profession.”

Ms Williams has been vocal about psychological well being points, together with anxiousness and postpartum feelings. She might be concerned in Wondermind content material as effectively and promote the model as its upcoming initiatives are made public.