Wondering, a firm cofounded by pop singer Selena Gomez, is seeking money at a valuation of $100 million in an effort to take advantage of the growing mindfulness trend. The $5 million early-stage round was led by Serena Ventures, the venture capital firm founded by tennis legend Serena Williams. Sequoia Capital and Lightspeed Venture Partners also participated. The former CEO of the pharmaceutical business Allergan, Brent Saunders, also participated.
Wondering is centered on “mental fitness,” encouraging habits to uphold mental health in a manner comparable to going to the gym to maintain physical fitness. Gomez, Mandy Teefey, a Hollywood producer (and Gomez’s mother), and Daniella Pierson, the creator of the pop culture newspaper Newsette, founded the business after Pierson first met the mother-daughter team two years ago and clicked with them right away. They were so open, honest, and exposed about their mental health, said Pierson, “I was utterly in awe.” “We all agreed that we needed to take action.”
According to statistics from analytics company CB Insights, investors have poured money into mental-health businesses over the past two years, with total funding in the area expected to reach $5.5 billion in 2021 — more than double the amount invested the year before. While having a famous supporter can help with visibility, it doesn’t ensure success. By its very nature, mindfulness is an abstract idea, and competition is increasing. Social media platforms and a newsletter are among Wondermind’s initial services; the company’s website describes these as “a roadmap for conquering stigma, transforming your thinking, and feeling supported.” The organization’s production branch, which will produce and distribute information on mental health, is being built by Teefey. Gomez is concentrated on marketing and creative management. Additionally, physical items utilizing behavioral therapy are being created, Pierson stated without going into further detail.
Williams, one of the best players to ever pick up a racket, announced earlier this week that she was leaving the tennis world to devote more time to her family and venture capital firm. Her nine-year investment history includes holdings in the recipe marketplace Foody, children’s social network Zigazoo, and cryptocurrency company Nestcoin.
Keep reading IWMBuzz.com