Meditation app Calm now valued at $1B

Calm, an app that aims to help users relax and meditate, raised $88 million in a second funding round, CNBC reports.

Calm has now raised $116 million, and is currently valued at $1 billion. The company plans to used the new capital to expand internationally and invest in what it calls "premium content."

More than 40 million users have downloaded the app around the world, and "well over" 1 million users pay to subscribe, according to the startup.

"Mental health was something people didn't really talk about until recently. Something is changing really dramatically. There's a societal shift of people taking care of their minds and being more interested in sleep and self care," Calm co-founder and co-CEO Michael Acton Smith told CNBC.

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