Meditopia, a meditation app that helps users reduce stress, sleep well, build mental resilience, and experience long-term healing, secured a $15 million Series A investment co-led by Creandum and Highland Europe.
The company, based in Istanbul and Berlin, works with trained therapists, psychologists, meditation experts and writers in its 75 regions—mainly non-English-speaking markets—to develop customized mental wellbeing programs that take into account culture, language or country.
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The new investment gives the company a total raise of $18.2 million, according to Crunchbase data. (The recent $15 million raise is not yet reflected in that number.) Meditopia previously raised a $2.5 million seed round in August 2019, led by Vela Partners and Atlantic Labs.
Fritjofsson, partner at Creandum, said in a written statement that Creandum has followed Meditopia for the past two years and has seen how the company was able to enter communities across the globe.
“The social media age we have experienced has enabled users an endless focus on others,” he added. “We’re now experiencing a new wave of technology which allows users to turn their focus inwards on themselves.”
Meanwhile, Celebi said Meditopia will use the new investment on localization, which includes finding local professionals and understanding the culture and needs of the market—the backbone of the app, as well as on engineering capacity and scaling the company.
“Emotions are an intimate area that has a lot to do with culture and location, so if we want to penetrate an area and increase our impact, we have to go local in what we do,” he added.
The company has 40 employees, and experienced 10 times the growth in year-over-year sales, Celebi said. The company is very agile, and while there may be some hires this year, it will continue to run a lean structure.
Meditopia is just now beginning to understand the local needs of its non-English speaking market, Celebit said.
“That will be an important milestone in the timeline,” he added. “We believe the future is in mental coaching and will be providing that to our community. Mental health, especially with COVID-19, is everyone’s topic, and we see it becoming the biggest market in our world.”
Photo of Meditopia co-founders Berk Yilmaz, Ali Murat Ceylan and Fatih Celebi courtesy of Meditopia.
Blogroll illustration: Dom Guzman