What Is a Simple Habit?
Simple Habit is mindfulness meditation software that includes over 1600 guided meditations that may be used to help with a variety of issues such as stress, weight loss, relationships, and even better sleep.
The app allows users to meditate in a variety of settings to help them de-stress. Users can choose from a range of meditation exercises based on their current location or circumstance, rather than assuming a sitting position with closed eyes.
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For driving, flying, or prepping for a meeting, there are a variety of 5-minute meditation activities accessible. Simple Habit was founded by Yunha Kim, a seasoned entrepreneur who previously sold her previous company Locket to Wish. Yunha is the current CEO of Simple Habit.
What Is the Name of The Company’s Founder?
Yunha Kim launched Simple Habit in 2016 as a result of the stress and tiredness she experienced when launching her first company, Locket. The locket was first released in 2013 as a lock-screen software that displays news and notifications on a phone’s lock screen. Wish, a mobile shopping app, purchased Locket in 2015.
She and a Harvard psychologist co-founded the app in 2016. In July of that year, it made its debut. It’s designed for busy young professionals who need a break from their demanding workdays. The software’s basic version is free, while the higher versions cost between $49 and $99 a year. It currently has a 5-star rating and is one of Apple’s “apps we love.” Everyone from doctors to parents to young workers uses it to relax.
What Happened to Simple Habitat Shark Tank Pitch?
Yunha Kim is aiming to get money for her meditation software Simple Habit on Shark Tank’s season nine premiere episodes 903. In order to grow her firm, she seeks the help of a Shark.
Yunha came to the Tank hoping to get $600,000 in return for a 5% ownership in her $12 million company. She starts her presentation by inviting the Sharks to join her in meditation, but Mark mocks her worth the entire time. After she’s finished, the questions begin.
She presently has 500,000 members on her site and earns $750,000 every year. Premium content costs $11.99 monthly or $99 yearly, despite the fact that the program is free. In 2017, she had 5000 premium subscribers.
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They’ve raised $2.8 million so far, with a total value of $10 million. They are not yet profitable but expect $5 million in revenue in 2018. Only $500,000 of the $2.8 million has been spent. Lori and Daymond are both puzzled as to why she’s here.
When Mark walks out of the home, he calls her a gold digger. Daymond feels she squandered a chance for a company in severe need of capital, and he walks out. Lori then walks away, claiming that she didn’t think Yunha needed the money. She was only there for the ad and the Shark Tank impact, according to Mark.
Mark mocks Richard when he offers $300,000 for 10% stock, and Richard responds by tossing his glass of water in his face. In collaboration with Richard, Robert announced that he will invest $300,000 for 10% stock shares, increasing the total investment to $600,000 for 20% equity shares between the two Sharks.
When Yunha begins to cry, Robert raises his stock stake to 15%. Robert and Richard are informed by Yunha that she is unable to do so. Finally, she left the pitch without a contract.
What Happened to Simple Habit After Shark Tank?
Yunha got 75,000 downloads on show night despite the pitch’s failure to gain a sale. Within three weeks, the creator of While, a competing wellness app, publicly accused Yunha of stealing his business model and engaging in corporate espionage at his company.
Ironically, another Branson company, Virgin Pulse, partnered up with While earlier this year. In November 2017, the app hit a million downloads. She was also included in Forbes’ 2017 list of the top 30 under 30 people on the globe. They had eclipsed Headspace as the most popular meditation app in the Apple Store by the end of 2018, gaining 30,000 new users per week.
In November 2018, the company raised an additional $10 million. A California class-action lawsuit was filed in February 2019, alleging that the company “charged clients’ payment methods for ongoing product shipments or service deliveries without their knowledge.”
In response to the Covid-19 outbreak, the company developed “Better Together,” a personal Meditation Studio that allows users to invite family, friends, and coworkers to meditate together in real-time, even if they are not physically there. The case was still pending in November 2021. The company was still operating in February 2022, with annual revenues of $34 million.
Net Worth of Simple Habit:
During and After the Pitch, the Firm Was Valued at $12 Million. the Corporation Has a Net Value of $10 Million in 2018. Since then, the Corporation Has Continued to Operate, and Its Net Value May Now Exceed that Of the Pitch.