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Simple Habit is a meditation and mindfulness app that emerged as a prominent contestant in Season 9 of Shark Tank. The app, designed to promote self-care and stress management, offers many features that make it an exceptional choice in the wellness industry.
Simple Habit offers over 50 free meditation sessions designed to reduce anxiety, increase focus, and improve self-awareness – increasingly crucial skills in today’s fast-paced society. These offerings cater to a broad spectrum of needs, from battling chronic stress to managing depression.
Beyond its core features, Simple Habit takes pride in its mission, empowering individuals to stress less, achieve more, and live better. This mission reflects the app’s emphasis on temporary relief and fostering enduring wellness habits.
Simple Habit’s availability across iPhone, Android, and web platforms makes it accessible to many users, allowing people to engage with the tool whenever and wherever they find it most convenient.
Yunha Kim, the app’s founder, appeared on Shark Tank seeking investment for the company’s growth, which was one of the app’s most notable moments.
Despite not finalizing a deal with the investors, the appearance garnered significant publicity for Simple Habit and sparked a surge in its user base. The app has since climbed the ranks to become the #1 meditation app in the App Store.
Simple Habit’s plans also indicate its commitment to making wellness accessible. With plans to scale up its platform to offer more teachers and sessions to users, the app is poised to continue offering innovative solutions to users’ wellness needs.
Simple Habit’s success stories, which range from college students to surgeons, highlight its broad relevance and applicability, reinforcing why it is a good choice for those seeking to incorporate meditation and mindfulness into their daily routines.
| Company Name | Simple Habit |
| Entrepreneur | Yunha Kim |
| Product | App for mindful meditation |
| Investment Asking For | $600,000 for 5% |
| Final Deal | No Deal |
| Shark | No Shark |
| Simple Habit Episode | Season 9, Episode 1 |
| Simple Habit Business Status | In Business |
| Simple Habit Website | Visit Website |
| Simple Habit Net Worth | $15 Million (As of 2023) |
What Is Simple Habit?
Simple Habit is a 5-minute meditation app that aims to help busy people reduce stress, achieve more, and live better. It is a wellness and sleep app recommended by psychologists, therapists, and mental health experts.
Simple Habit makes incorporating meditation into daily routines easy, promoting self-care and good health. The app offers a wide range of meditation sessions, each lasting just 5 minutes, making it convenient for busy individuals to find time for mindfulness amidst their hectic schedules.
The guided meditations cover various topics such as stress relief, focus improvement, sleep enhancement, and more. Simple Habit’s approach is backed by scientific research and designed to provide practical and effective techniques for managing stress and improving mental well-being.
By regularly practicing meditation with Simple Habit, users can experience reduced anxiety, increased attention span, enhanced creativity, and improved emotional and physical health.
In addition to its meditation sessions, Simple Habit offers sleep stories and soothing narrations designed to help users relax and fall asleep faster. These stories provide a calm and peaceful bedtime routine, reducing insomnia and promoting better sleep quality.
The app’s user-friendly interface and personalized recommendations make it easy for users to find the perfect meditation sessions that suit their needs and preferences.
Simple Habit is an accessible and welcoming platform where one can cultivate a regular meditation practice regardless of one’s experience level.
Simple Habit features a diverse range of guided meditation sessions, each lasting just 5 minutes. These sessions address various aspects of life, such as stress, anxiety, sleep, and focus.
Additionally, Simple Habit offers audio therapy sessions that provide additional support for users seeking mental well-being.
Who Is The Founder Of Simple Habit?
The founder of Simple Habit is Yunha Kim, an ambitious entrepreneur from San Francisco, California. Kim’s background is impressive, boasting a degree from Duke University and internships at reputable organizations like the United Nations and McKinsey & Company.
Her initial foray into the professional world was as an investment banking analyst at Jefferies & Company, which provided her with substantial exposure to the business and finance sector.
Kim’s entrepreneurial journey began in 2013 when she co-founded a tech company named Locket, which aimed to deliver targeted news to users’ lock screens. She led the firm as its CEO for over two years until it was acquired by Wish in 2015.
Simultaneously, Kim pursued her MBA from Stanford University. The workload from this rigorous program eventually inspired her to find effective methods to de-stress and unwind.
This personal need for stress relief led her to conceptualize and launch Simple Habit. Kim dropped out of her graduate program in 2015 to fully dedicate herself to this new venture—a meditation app designed with busy individuals in mind.
While developing the app, she sought the expertise of a Harvard psychologist, ensuring that her product was rooted in scientifically-backed principles of stress reduction and mental wellness.
Simple Habit was ready for launch in 2016. The app’s main goal was to improve people’s lives by promoting restful sleep and lowering stress levels, targeting primarily overworked young professionals in dire need of soothing mental exercises.
The basic version of the app was made available for free, but to access its full range of features, users had to opt for a subscription ranging from $49 to $99 annually. On the night of its launch, the app attracted 75,000 users and raised a substantial $2.8 million to fund its growth.
By the time Kim presented Simple Habit on season 9 of Shark Tank in 2017, the app had already accumulated 500,000 users and over 5,000 paid subscribers, bringing in $750,000 in annual recurring revenue.
The business grew at a remarkable rate of 50% quarter over quarter and utilized only $500,000 of its initial $2.8 million funding. Despite the tension-filled exchange on Shark Tank and the absence of a finalized deal, Simple Habit was already well-positioned in the market, primed for further growth and success.
How Was The Shark Tank Pitch Of Simple Habit?
Yunha Kim, the founder of Simple Habit, made her pitch on Season 9 of Shark Tank, entering the arena with a calculated ask of $600,000 for 5% equity in her company, valuing Simple Habit at $12 million.
Kim began her presentation by inviting the Sharks to take part in a moment of meditation as a symbolic nod to the core service provided by her app, to set the tone for the presentation.
During her presentation, Kim shared the impressive traction Simple Habit had already gained. At the time, the app boasted 500,000 users and over 5,000 paid subscribers, generating $750,000 in annual recurring revenue.
With a robust growth rate of 50% quarter over quarter and the prudent utilization of only $500,000 of its initial $2.8 million funding, Simple Habit was performing well in the market.
However, the Sharks had mixed reactions to Kim’s pitch. Mark Cuban and Daymond John exited the deal early on; John believed Kim could secure the necessary funding elsewhere, while Cuban controversially referred to her as a “gold digger,” insinuating she was on the show primarily for publicity.
Lori Greiner also stepped out, suggesting that Kim did not need additional funding.
Yet, the pitch did resonate with Robert Herjavec and guest Shark Richard Branson. Both were impressed enough to make a joint offer of $600,000, but for a 20% equity stake, double the equity Kim initially proposed.
However, this offer was not aligned with the valuation expectations set by Kim’s previous investors, who had invested at a $10 million valuation.
Ultimately, Kim did not accept the offer from Herjavec and Branson due to the mismatch in valuation and equity.
Kim left the show without a deal, but not without gaining substantial publicity and attention for Simple Habit, which would benefit the app’s future growth and success.
Final Deal: No deal between Sharks and Simple Habit on the Shark Tank show.
What Happened To Simple Habit After Shark Tank?
Despite not securing a deal on Shark Tank, Simple Habit experienced significant growth and success post-show. The publicity generated from the show led to a considerable boost in app downloads.
By the end of 2017, the number of users had surged to over a million, reflecting the substantial impact of the Shark Tank appearance on Simple Habit’s visibility and market traction. In subsequent years, the user base of Simple Habit expanded even further.
As of 2023, the app has amassed 5 million users, with an average of 80,000 new members joining each month. This continued growth underscores the high demand and needs for accessible wellness tools in the modern world, and a niche effectively catered to by Simple Habit.
The sustained user growth and increased visibility from the Shark Tank appearance also proved beneficial in securing additional funding for the app’s development.
Yunha Kim successfully raised over $12.8 million post-show from well-known investors, including New Enterprise Associates, Y Combinator, and Foundation Capital. This influx of capital allowed Simple Habit to expand its offerings and continue its mission of providing users with effective stress relief and wellness support.
The app’s reputation has also solidified over the years. Simple Habit is now rated alongside well-known meditation apps like Calm, Headspace, and Insight Timer.
Respected websites such as Verywellmind.com have praised the app for its rich selection of features. By 2023, Simple Habit’s annual revenue is estimated to be around $5 million, and the company is valued at $12 million.
While Simple Habit didn’t secure an investment deal on Shark Tank, the appearance on the show nevertheless acted as a catalyst, propelling the app’s growth, user acquisition, and market positioning in the competitive wellness industry.
Simple Habit Shark Tank Update
After appearing on Shark Tank during Season 9, Simple Habit, a meditation app created by Yunha Kim, did not secure a deal with the Sharks. Yunha asked for $600,000 for 5% equity but faced rejection from the Sharks.
Mark Cuban criticized her intentions, while Richard Branson offered $300,000 for 10%. A water-throwing incident occurred between Mark and Richard, leading to Robert Herjavac joining Richard’s offer. However, Yunha declined their counteroffer of $600,000 for 15%, and ultimately, no deal was made.
Despite not securing a deal on the show, Simple Habit has continued to thrive as a successful meditation app. As of the provided information, Simple Habit has a net worth of over $10 million and is available for download on app stores.
It offers tailored meditation exercises based on Buddhist principles and scientific research to help users incorporate short meditation sessions into their busy lives.
Simple Habit has gained popularity, reaching 1 million downloads by November 2017 and becoming the top meditation app on the Apple Store.
Simple Habit provides guided meditations, and although it has been compared to the original Headspace app, it has received positive reviews for its user-friendly experience.
Simple Habit raised $10 million in a Series A funding round led by Foundation Capital and graduated from Y Combinator in 2017.
Simple Habit has introduced new features, such as “Better Together,” allowing real-time group meditation. However, the company faced a class-action lawsuit in 2019 regarding unauthorized charges, which remains unresolved.
Despite the rejection of Shark Tank, Simple Habit continues to operate and has established itself as a popular meditation app with a significant user base and revenue.
Simple Habit aims to help individuals achieve mindfulness and reduce stress through guided meditation and mindfulness practices.
Is Simple Habit Still In Business?
Yes, Simple Habit is still in business as of today’s date. Despite not securing a deal on Shark Tank, Simple Habit thrives as a meditation app. It offers customized meditations to users and has a net worth of $15 million.
Simple Habit has gained popularity and has around 5 million users. The app is highly rated and considered one of the top meditation apps in the market.
What Is the Net Worth Of Simple Habit?
According to our research, the net worth of Simple Habit is estimated to be $15 million as of 2023. The valuation of Simple Habit was presented to be $12 million by Yunha Kim when she presented it on Shark Tank.
Also, read other businesses that appeared on Season 9 of Shark Tank:
