Simple Habit Shark Tank – Founder, Net Worth and Investment
Simple Habit is a popular meditation app that offers a wide range of relaxation techniques and guided meditations for daily practice. Founded by Yunha Kim, Simple Habit aims to promote mental health and stress relief through mindfulness and self-care.
As a meditation app, Simple Habit is designed for both beginners and experienced practitioners. It provides a platform for users to explore various meditation techniques, improve sleep quality, and cultivate a sense of calm in their daily lives.
Yunha Kim, an experienced entrepreneur, developed Simple Habit in 2016. Prior to this, she sold her previous company, Locket, to Wish. With her extensive background and knowledge in the tech industry, Yunha Kim created a user-friendly and accessible app that resonates with individuals seeking relaxation and mindfulness.
Simple Habit was pitched on Shark Tank, a popular television show where entrepreneurs present their business ideas to industry experts. Although Simple Habit did not secure a deal, the exposure from the show brought attention to the app and contributed to its growth.
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Key Takeaways:
- Simple Habit is a meditation app founded by Yunha Kim that offers relaxation techniques and guided meditations for stress relief.
- Yunha Kim is an experienced entrepreneur who previously sold her company, Locket, to Wish.
- The app aims to promote mental health and mindfulness through daily meditation and self-care practices.
- Simple Habit was pitched on Shark Tank but did not receive a deal.
- The exposure from Shark Tank contributed to the app’s growth and popularity.
- Key Takeaways:
- Yunha Kim’s Background and Launching the App
- Yunha Kim’s Entrepreneurial Journey:
- Simple Habit App Features:
- Shark Tank Pitch: A Heated Exchange
- After Shark Tank: App Growth and Funding Success
- Competitors of Simple Habit
- Net Worth of Simple Habit
- Simple Habit Updates
- Simple Habit Updates at a Glance:
- What Is Simple Habit?
- Simple Habit Shark Tank Pitch
- What Happened to Simple Habit After Shark Tank?
- FAQ
- What is Simple Habit?
- Who is the founder of Simple Habit?
- Did Simple Habit appear on Shark Tank?
- How much is Simple Habit worth?
- Is the Simple Habit app free?
- What does Simple Habit aim to promote?
- How many guided meditations does Simple Habit offer?
- How long are the meditation exercises on Simple Habit?
- Who are the main competitors of Simple Habit?
- Has Simple Habit faced any controversies?
- What happened to Simple Habit after appearing on Shark Tank?
Yunha Kim’s Background and Launching the App
Yunha Kim, the founder of Simple Habit, hails from the vibrant city of San Francisco, California. She kickstarted her career as an investment banking analyst at Jefferies & Company after graduating from Duke University.
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However, her entrepreneurial spirit was destined for greater heights. After co-founding the tech company Locket, Kim made a profitable deal, selling the company to Wish. Inspired by her personal journey and the benefits of mindfulness, she launched Simple Habit in 2016.
In her quest to build an exceptional meditation app, Kim sought the expertise of a Harvard psychologist. Together, they crafted a unique platform to promote mental well-being and guide users toward a healthier, more balanced life.
With meticulous attention to detail and a deep understanding of meditation techniques, the Simple Habit app was born. Launched in 2016 to the delight of users seeking a convenient and effective mindfulness solution, it garnered immediate recognition and support.
On the night of its launch, Simple Habit secured an impressive $2.8 million in funding, signifying the app’s immense potential and the belief investors had in its mission. This successful launch set the stage for Simple Habit’s journey to become one of the leading meditation apps in the industry.
Yunha Kim’s Entrepreneurial Journey:
- Started as an investment banking analyst at Jefferies & Company after graduating from Duke University
- Co-founded and sold tech company Locket to Wish
- Launched Simple Habit in 2016
- Collaborated with a Harvard psychologist to develop the app
- Received $2.8 million in funding on the night of the app launch
Simple Habit App Features:
“Simple Habit has been meticulously designed to provide users with a seamless meditation experience and guide them towards a more balanced life. With its wide range of features, the app offers an extensive library of guided meditations focused on stress relief, better sleep, and overall well-being.”
With its user-friendly interface and comprehensive meditation programs, Simple Habit empowers individuals to practice mindfulness in any environment. The app offers convenient 5-minute meditation exercises, making it accessible even to the busiest individuals seeking moments of calm and self-care throughout the day.
Yunha Kim’s vision and dedication have positioned Simple Habit as a significant player in the meditation app market, helping users worldwide achieve peace of mind, manage stress, and foster better sleep habits.
| Key Features of Simple Habit App | Benefits |
|---|---|
| 1600+ guided meditations | Provides a diverse selection of meditation practices catering to different needs and goals. |
| Customized meditation programs | Users can choose specific programs targeting stress relief, weight loss, relationship issues, and better sleep. |
| 5-minute meditation exercises | Allows busy individuals to experience the benefits of meditation even with limited time. |
| Accessible anytime, anywhere | Enables users to practice meditation in any environment, enhancing flexibility and convenience. |
Shark Tank Pitch: A Heated Exchange
In 2017, Yunha Kim, the founder of Simple Habit, appeared on the popular TV show Shark Tank to pitch her meditation app. She requested a $600,000 investment in exchange for 5% equity in her company. At that time, Simple Habit had already gained significant traction with 500,000 users and an impressive annual recurring revenue of $750,000.
The Sharks, including prominent investors like Mark Cuban and Richard Branson, immediately questioned Yunha’s intention of seeking additional funding after already raising $2.8 million. This led to a heated exchange between Yunha and the Sharks. Mark Cuban even went so far as to label her a “gold digger.”
The Sharks questioned Yunha Kim’s motives for seeking funding on Shark Tank when she had already raised $2.8 million. Mark Cuban called her a “gold digger.”
Despite the tense atmosphere and criticism, Yunha stood her ground and refused to accept the joint offer made by Richard Branson. This exchange created a significant buzz around the Simple Habit app, resulting in a considerable boost in app downloads and increased publicity.
Let’s take a closer look at the details of the pitch:
| Year of the Pitch | Amount Requested | Equity Offered | Number of Users | Annual Recurring Revenue |
|---|---|---|---|---|
| 2017 | $600,000 | 5% | 500,000 | $750,000 |
Despite not securing a deal on Shark Tank, the exposure from the show played a pivotal role in the subsequent growth of Simple Habit. The app continued to thrive, attracting new users and expanding its reach in the meditation and mindfulness market.
After Shark Tank: App Growth and Funding Success
After Simple Habit’s appearance on Shark Tank, the meditation app experienced remarkable growth in terms of app downloads and user base. By the end of 2017, Simple Habit had amassed over one million users, showcasing the app’s increasing popularity in the market.
In addition to the surge in app growth, founder Yunha Kim successfully raised significant funds to fuel the app’s expansion. Through various rounds of fundraising, Simple Habit secured an impressive $12.8 million from reputable investors such as New Enterprise Associates, Y Combinator, and Foundation Capital.
The substantial funding injection allowed Simple Habit to enhance its features, improve user experience, and solidify its position in the competitive meditation app market. The app’s success can be attributed to its ability to offer unique and effective meditation techniques that resonate with users seeking relaxation, stress relief, and mindfulness.
With its profound growth and steadfast commitment to providing high-quality meditation content, Simple Habit has established itself as one of the top-rated meditation apps alongside other industry leaders like Calm, Headspace, and Insight Timer.
| App | Investors |
|---|---|
| Simple Habit | New Enterprise Associates, Y Combinator, Foundation Capital |
| Calm | Alex Tew, Michael Acton Smith, Insight Partners |
| Headspace | Lightspeed Venture Partners |
| Insight Timer | Unspecified |
Competitors of Simple Habit
Simple Habit faces competition from several other meditation apps. Here are some of its main competitors in the market:
| Competitor | Description |
|---|---|
| Amare Global | Amare Global offers a meditation app that focuses on mental wellness and emotional balance. |
| Calm.com | Calm.com is a popular meditation and sleep app that provides guided meditations and relaxing sounds. |
| Whil Concepts | Whil Concepts offers a mindfulness and meditation app designed for workplaces and educational institutions. |
| Starling Minds | Starling Minds is a mental health platform that includes meditation as part of its overall well-being solutions. |
| MyCognition | MyCognition is known for its cognitive training programs, including meditation exercises for improving focus and mental agility. |
| Inscape | Inscape is a meditation app that offers guided sessions for stress reduction and better sleep. |
| GLO CPAs | GLO CPAs provides meditation resources specifically tailored for certified public accountants to manage stress and promote well-being. |
| Sacred Acoustics | Sacred Acoustics offers meditation audio tracks that incorporate sound frequencies for deep relaxation and spiritual exploration. |
These competitors, along with Simple Habit, are catering to the growing demand for mindfulness and meditation solutions, offering users a variety of options to support their mental well-being.
Net Worth of Simple Habit
During its appearance on Shark Tank, Simple Habit had a net worth of $12 million. Founder Yunha Kim, however, has seen her net worth increase over the years. As of 2022, her estimated net worth is $20 million.
Simple Habit’s net worth in 2020 was $4.5 million, demonstrating significant growth since then. The company’s current net worth is estimated to be higher than its valuation during the show.
“Simple Habit’s net worth has experienced remarkable growth since its early days. The company’s success in the meditation app industry has been reflected in its increasing valuation and the personal wealth of its founder, Yunha Kim.”
With a valuation of $12 million during its Shark Tank appearance, Simple Habit has since achieved remarkable financial milestones. The app’s popularity and user base growth have contributed to its rising net worth. Alongside other top-rated meditation apps, Simple Habit continues to thrive in the competitive market, offering mindfulness and meditation solutions to its users.
| Year | Net Worth |
|---|---|
| 2020 | $4.5 million |
| 2022 | $20 million |
Simple Habit Updates
Simple Habit, the popular meditation app, has undergone some significant changes and updates. In 2023, the company was acquired by Alpine Investors-backed wellness marketplace company Ingenio. As a result of this acquisition, Simple Habit was rebranded as Sleep Reset, aligning its focus on promoting restful sleep and mindfulness.
Despite facing a class-action lawsuit in 2019, Simple Habit persevered and continued its operations. The app has garnered a loyal user base and has seen impressive growth in yearly sales. As of 2022, Simple Habit generated $34 million in yearly sales, a testament to its success and the value it provides to its users.
One of the key features of Simple Habit, now Sleep Reset, is its offering of customized meditations. The app provides tailored meditations designed to help users achieve mindfulness, reduce stress levels, and improve sleep quality.
Simple Habit Updates at a Glance:
| Updates | Details |
|---|---|
| Acquisition | Alpine Investors-backed wellness marketplace company Ingenio acquired Simple Habit in 2023 |
| Rebranding | Simple Habit was rebranded as Sleep Reset after the acquisition |
| Class-action Lawsuit | Despite facing a class-action lawsuit in 2019, Simple Habit continued its operations successfully |
| Yearly Sales | Simple Habit generated $34 million in yearly sales as of 2022 |
| Customized Meditations | Sleep Reset offers personalized meditations for mindfulness and better sleep |
What Is Simple Habit?
Simple Habit is a software designed to help individuals practice mindfulness meditation and achieve a greater sense of well-being. With over 1600 guided meditations, the app offers a wide variety of meditation exercises tailored to address different issues such as stress relief, weight loss, relationship troubles, and better sleep.
Whether you’re a beginner or an experienced meditator, Simple Habit provides a user-friendly platform to incorporate mindfulness practices into your daily routine. The app offers guided meditations of varying lengths, allowing users to choose sessions that fit their schedule and preferences. From quick 5-minute exercises for specific situations to longer sessions for deep relaxation, Simple Habit caters to the needs of busy individuals seeking effective stress management and improved mental health.
Simple Habit’s user-friendly interface and diverse collection of guided meditations make it an accessible tool for anyone looking to incorporate mindfulness into their lives. It allows users to practice meditation in different environments, including at home, in the office, or even during commutes. By prioritizing self-care and making mindfulness easily accessible, Simple Habit empowers individuals to de-stress, find balance, and cultivate a healthier lifestyle.
Simple Habit Shark Tank Pitch
During her appearance on Shark Tank, Yunha Kim delivered a compelling pitch for Simple Habit, seeking a $600,000 investment in exchange for 5% equity in the company. At the time of the pitch, Simple Habit had a valuation of $12 million, showcasing its potential for growth and profitability.
In her pitch, Yunha proudly revealed that Simple Habit already had an impressive user base of 500,000 individuals who were benefiting from the app’s premium content. This generated $750,000 in annual revenue, with 5,000 subscribers enjoying the enhanced features and exclusive offerings.
Despite the Sharks expressing interest and making offers, Yunha chose to decline and left the tank without securing a deal. This decision showcased her firm belief in the value and future success of Simple Habit.
Yunha’s pitch for Simple Habit highlighted not only the app’s significant user base and revenue generation but also its potential for growth and profitability. While the Sharks may have missed out on the opportunity to invest in Simple Habit, the pitch served as a testament to the app’s potential and solidified its position as a leading meditation and mindfulness platform in the market.
What Happened to Simple Habit After Shark Tank?
Following its appearance on Shark Tank, Simple Habit saw significant post-show growth with a surge in app downloads and increased funding. Despite these achievements, founder Yunha Kim faced accusations of stealing a business model from the creator of Whil, a competing wellness app.
Despite the challenges and allegations, Simple Habit continued its operations and successfully raised additional funding. The app remained popular among users, offering a wide range of mindfulness and meditation solutions to help individuals achieve better mental health and overall well-being.
Simple Habit’s dedication to providing effective meditation practices allowed the app to expand its user base and solidify its position in the market. Despite the accusations, the company remained committed to its mission and continued to create a positive impact on the lives of its users.
FAQ
What is Simple Habit?
Simple Habit is a meditation app that offers over 1600 guided meditations for stress relief, better sleep, and overall well-being.
Who is the founder of Simple Habit?
Simple Habit was founded by Yunha Kim, an experienced entrepreneur from San Francisco, California.
Did Simple Habit appear on Shark Tank?
Yes, Simple Habit pitched on Shark Tank but did not secure a deal with the investors.
How much is Simple Habit worth?
As of 2024, Simple Habit is worth million.
Is the Simple Habit app free?
Yes, Simple Habit offers a free standard version of the app. Enhanced features can be unlocked with an annual subscription fee.
What does Simple Habit aim to promote?
Simple Habit aims to promote restful sleep and lower stress levels through guided meditation.
How many guided meditations does Simple Habit offer?
Simple Habit offers over 1600 guided meditations that cater to various issues such as stress, weight loss, and relationship troubles.
How long are the meditation exercises on Simple Habit?
Simple Habit offers 5-minute meditation exercises for specific situations, allowing busy individuals to de-stress quickly.
Who are the main competitors of Simple Habit?
Simple Habit’s main competitors include Amare Global, Calm.com, Whil Concepts, Starling Minds, MyCognition, Inscape, GLO CPAs, and Sacred Acoustics.
Has Simple Habit faced any controversies?
Simple Habit faced a class-action lawsuit in 2019 but continued to operate and generate annual sales of million as of 2022.
What happened to Simple Habit after appearing on Shark Tank?
Simple Habit experienced post-show growth with increased downloads and funding, despite accusations of stealing a business model from a competitor.
