A startup co-founded by pop star Selena Gomez, Wondermind, is raising funds to a $100 million valuation as it seeks to capitalize on a boom in the mindfulness trend.
Tennis icon Serena Williams’ venture fund Serena Ventures led the $5 million round, which was joined by Lightspeed Venture Partners and Sequoia Capital. Brent Saundersthe former CEO of pharmaceutical company Allergan, also participated.
Wondermind focuses on “mental fitness,” promoting routines for maintaining mental health similar to how you would hit a gym to stay physically fit. Gomez, Hollywood producer (and mother of Gomez) Mandy Teefey and Daniella Pierson, founder of pop culture newsletter Newsette, started the business after Pierson met the mother-daughter duo two years ago and got together. quickly heard.
“They were so raw and real and vulnerable in their sanity that I was completely in awe,” Pierson said. “We all decided together that we had to do something.”
Investors have poured money into mental health startups over the past two years, with total funding in the sector reaching $5.5 billion in 2021, according to data from analytics firm CB Insights. , more than double the previous year’s total. While celebrity endorsement helps garner attention, it doesn’t guarantee success. Mindfulness is an abstract concept by nature and the competition is growing.
Wondermind’s early offerings include social media channels and a newsletter, which offers “a roadmap to overcoming stigma, changing your mindset, and feeling supported,” according to its website. Teefey is working on building the operation’s production division, which will create and publish mental health content. Gomez focuses on creative direction and marketing. Physical products involving behavioral therapies are also in development, Pierson said, without sharing details.
Williams, one of the greatest to ever handle a racquet, announced her retirement from professional tennis earlier this week to focus on her family and her venture capital firm. She has been investing for nine years and has a portfolio that includes recipe marketplace Foody, children’s social network Zigazoo and cryptocurrency company Nestcoin.
“We’re obviously going to do more and be a fund that will eventually raise a billion dollars,” Williams said in an interview. “One thing I’m good at is building a career.”
Williams spoke about mental health issues, including anxiety and postpartum emotions. She will also be involved in content for Wondermind and will promote the brand as her upcoming projects are made public.
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