Simple Habit is an app for meditation and mindfulness. It came up on Shark Tank season 9 as a prominent competitor. The app was mainly introduced for promoting self-care and stress management. Besides this, it has also a lot of features that have made it a unique option in the entire wellness industry.
Simple Habit provides more than 50 meditation sessions free of cost. Those meditation sessions help to lessen tension, enhance self-awareness, and grow concentration which are very important skills in the fast-paced world of today.
The app helps to fulfil a wide range of requirements such as you will be able to fight against chronic anxiety as well as manage depression with the help of the app.
Besides the most important features, Simple Habit has a particular goal which is to empower people to tension less, gain more, and live better. Due to this aim, the app emphasizes momentary relief and fostering tolerating wellness dependencies.
Simple Habit is compatible with Android and iPhones. It is also available on different web platforms. That is why most people can access it easily and it enables people to get engaged with the tool whenever and wherever they find it most suitable.
The founder of Simple Habit, Yunha Kim came up on Shark Tank intending to get a deal from one of the sharks so that she could develop the company. The appearance of Shark Tank was one of the most significant moments of the app.
But unfortunately, she was not able to secure a deal from the backers. Still, Simple Habit was publicized due to its appearance on Shark Tank. And the number of users also increased after the Simple Habit Shark Tank episode. The app has now become the number 1 medication app in the App Store.
The plans of Simple Habit also demonstrate its objective to make wellness convenient. The app is planning to develop its platform so that it can provide more trainers and sessions to the users. The app is also giving the most creative solutions to the wellness requirements of the users.
The success stories of Simple Habit are known to all be it a college student or any doctor. If you are going to integrate meditation and mindfulness in your daily routine you should choose Simple Habit.
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Simple Habit is nothing but a 5-minute meditation app that is designed to assist busy people in reducing their tension, gaining more, and living better. Psychologists, mental health experts and therapists suggest people use this wellness and sleep app regularly.
By using Simple Habit you may add meditation to your daily routine very easily. This will help you to promote self-care and keep your health good. The app provides a pool of meditation sessions that last only 5 minutes. So, busy people can easily get some time for mindfulness from their hectic schedules.
The app provides meditation sessions on different topics like focus modification, stress relief, sleep improvement, and so on. The approach of Simple Habit is supported by scientific research. The app offers reasonable and useful methods to handle your stress and improve your mental health.
If you start to practice meditation regularly by using Simple Habit you will be able to reduce your tension, increase your attention span, boost your creativity, and improve your mental as well as physical health.
Besides the meditation sessions, Simple Habits also provides sleep stories and soothing narrations so that users may feel relaxed and fall asleep quickly. These stories offer a quiet and relaxed bedtime habit and in this way, it helps to reduce insomnia and fosters better quality of sleep.
The app has a user-friendly interface and customized suggestions. So, users can easily use this app to get the most suitable meditation sessions to meet their requirements and priorities.
Simple Habit is a very convenient platform that can be used by anyone no matter how experienced they are.
The app provides a wide array of tutored meditation sessions. Each of them lasts only for 5 minutes. With the help of these sessions, the app addresses different elements of life like anxiety, stress, sleep, and concentration. Moreover, you may also get audio therapy sessions from Simple Habit that will give you further support if you are trying to keep your mental health well.
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Who founded Simple Habit?
Yunha Kim founded Simple Habit. The Simple Habit Owner has come from Sal Francisco, California. Yunha Kim, the Simple Habit founder, has a very impressive background. She has pursued his education at Duke University. She has also done internships at famous companies like the United Nations and McKinsey & Company.
She set foot in the professional world as an investment banking analyst at Jefferies & Company for which she got exposure in the business and finance industry.
Kim started her journey as an entrepreneur in 2013 by co-founding a tech firm called Locket for delivering targeted news to the lock screens of users. She served the company as the CEO for more than two years before she was hired by Wish in 2015.
Along with her business, Kim was also pursuing her MBA from Stanford University. She felt stressed due to the pressure from her simultaneous program. That is why she was looking to get some useful methods that will help her to reduce her stress and make her relax.
To meet her stress relief requirement she came up with the idea of launching Simple Habit. Kim left her graduate program in 2015 so that she could dedicate herself completely to this new experience. She was trying to design a meditation app keeping in mind the busy people.
At the time of developing the app, she consulted with the skill of a Havard psychologist to make sure that her product was designed with scientifically-aided precepts of stress deduction and mental wellness.
Simple Habit was introduced in 2016. The primary aim of the app was to enhance the lives of people by facilitating cosy sleep and lessening anxiety levels. The app mainly targeted young professionals who utterly need soothing mental workouts due to their excessive workload.
You may use the basic version of the app free of cost but if you want to use the complete range of features you have to buy a subscription plan which ranges from $59 to $99 per year. The night on which the app was introduced it grabbed the attention of 75,000 users and managed to raise a significant amount of $2.8 million to finance its development.
Kim pitched Simple Habit on Shark Tank season 9 in 2017. But before appearing on Shark Tank, already 500,000 users were using the app and among them, 5,000 users were paid customers.
For this simple habit revenue per annum reached $750,000. The business developed at a rocket speed of 50% quarter over quarter and used only $500,000 of its initial $2.8 million funding.
Though Simple Habit was not able to secure any deal on Shark Tank, it managed to keep a good position in the entire market and aimed to develop more and become more successful.
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What occurred to Simple Habit on Shark Tank?
Simple Habit CEO, Yunha Kim pitched her app on Shark Tank season 9 and appealed to the sharks to invest $600,000 in her company in return for a 5% stake in her business, at a Simple Habit value of $12 million.
Kim started to give her presentation by asking the sharks to participate in a moment of meditation to form the tone of her presentation.
At the time of her presentation, Kim disclosed in front of the sharks the outstanding revenue gained by Simple Habit already. At the time of appearing on the show, there were already more than 5,000 paid subscribers of the app from which the app was generating $750,000 annually as recurring income.
The app had a vigorous growth rate of 50% quarter over quarter and with the prudent use of only $500,000 of its initial $2.8 million allocation, Simple Habit was serving well in the market.
But the sharks gave diverse responses after Kim pitched her app. Mark Cuban and Daymond John withdrew themselves from the deal earlier. John thought that Kim would be able to get the required funding in other places and Mark Cuban called her a gold digger in a controversial tone implying that she had only come to the show to expose her business.
Lori Grenier also left the deal after recommending to Kim that she did not require extra funding.
But Robert Herjavec and the guest shark Richard Branson were impressed with Kim’s pitch. They were ready to invest $600,000 in her company jointly in exchange for a 20% equity in her business which was double the stake offered by Kim.
But Kim did not accept the proposal as it did not match the valuation anticipations made by the previous backers of Kim who invested at a $10 million valuation.
So finally Kim left the show without any deal but she got significant exposure and engagement for her Simple Habit after shark tank. This helped Kim to develop her business in future and make her business successful.
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Though the founder of Simple Habit was not able to secure any deal from the sharks, after the show the company faced incredible growth and success. The app got exposure due to the show for which a lot of people started to download the app.
The number of users surpassed more than one million by the end of 2017 due to the effect of the Shark Tank appearance. The number of users increased more in the following years. The app has managed to gather 5 million users as of 2023 which implies that nearly 80,000 new users are downloading the app every month.
The constant growth of the app implies that the demand and requirements for convenient wellness tools in the contemporary world are growing rapidly. Due to the incredible growth and increase of users after the Shark Tank episode the founder was able to secure more funding for developing the app.
The founder managed to raise more than $12.8 million after the show from famous backers like New Enterprise Associates, Y Combinator, and Foundation Capital. With the help of this funding, Simple Habit was able to grow its offerings and proceed with its goal of offering users useful stress relief and wellness assistance.
The reputation of the app also became strong day by day. The app is currently beating famous meditation apps such as Calm, Headspace, and Insight Timer.
Reputable websites like Verywellmind.com have commended the app for its unique features. Simple Habit’s net worth is going to be nearly $5 million by the end of 2023. Simple Habit’s valuation is $12 million.
Indeed, Simple Habit was not able to secure any deal from the sharks however the arrival on Shark Tank played the role of a catalyst in the growth of the app and market ranking in the competitive wellness market.
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The founder of Simple Habit, Yunha Kim was not able to secure any deal from the sharks after coming up on Shark Tank season 9. When Yunha appealed to the sharks for an investment of $600,000 in return for a 5% stake in her business the sharks instantly rejected her.
She was criticized by Mark Cuban. But Richard Branson was ready to invest $300,000 in return for a 10% stake in Simple Habit. Robert Herjavec was compelled to join Richard’s proposal due to the water-throwing incident between Mark and Richard.
Nevertheless, Yunha did not accept their counteroffer of $600,000 in return for a 15% stake. So, finally, she left the show barehanded.
Though she was not able to secure any deal on Shark Tank, she was able to make Simple Habit a successful meditation app. As per the reports, the Simple Habit app’s net worth is more than $10 million and you may download the app from app stores.
It provides tutored meditation workouts following Buddhist principles and scientific study so that the users may be engaged in short meditation sessions despite their busy schedules.
By November 2017, the app was able to gather 1 million users and become the best meditation app on the Apple Store. The app offers guided meditations. Though a parallel was drawn between the original Headspace app and Simple Habit, people gave positive reviews for Simple Habit due to its user-friendly interface.
The app has launched new features like Better Together that allow users to make real-time group meditation. But the company experiences a class-action case in 2019 due to unauthorized charges, which have not been resolved yet.
Though the sharks refused to invest in Simple Habit, it carried on its operation successfully and has founded itself as the best meditation app along with a remarkable user base and income.
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Simple Habit was not successful in gaining investment from the sharks. But for this, it has not stopped working. It has become more powerful day by day which has given a good lesson to the other firms.
What is the yearly subscription price of Simple Habit?
You may buy two types of subscription plans for Simple Habit: annually or monthly. If you choose the annual subscription plan you have to pay $99 and for the monthly subscription plan you have to pay $11.99
How much is Simple Habit worth?
As per the reports, Simple Habit has a net worth of $15 million as of 2023. When Kim appeared on Shark Tank she said that the valuation of Simple Habit was $12 million.
Is Simple Habit Still In Business?
Yes, Simple Habit is still active in the business. It has become a successful meditation app despite being refused by the sharks. It provides personalized meditations to users and has a net worth of $15 million.