Simple Habit Shark Tank Net Worth 2023
A source reports that Simple Habit’s founder Yunha Kim has a net worth of $20 million as of 2022. This article also states that before appearing on Shark Tank in October 2017, Simple Habit’s net worth was $12 million and its net worth in 2020 was $4.5 million.
During her pitch on Shark Tank in 2017, Yunha Kim asked for $600,000 for 5% equity but did not receive a deal.
At the time of her pitch, Simple Habit had 500,000 users and over 5,000 paid subscribers bringing in $750,000 in annual recurring revenue. The business was growing 50% quarter over quarter and was well-funded.
What is Simple Habit? Who is the founder of Simple Habit?
Simple Habit is a software designed for mindfulness meditation. It offers a vast collection of more than 1600 guided meditations that cater to a range of issues such as stress, weight loss, relationship troubles, and better sleep.
The software enables users to practice meditation in diverse environments, rather than just sitting with closed eyes. Depending on their present surroundings or situation, users can choose from various meditation activities.
For instance, there are multiple 5-minute meditation exercises available for driving, flying, and preparing for meetings. This way, users can de-stress themselves through meditation in several different scenarios.
Simple Habit was founded by Yunha Kim, an experienced entrepreneur who had earlier sold her company, Locket, to Wish. Yunha still holds the CEO position at Simple Habit today.
In 2016, Yunha Kim launched Simple Habit, responding to the stress and exhaustion she faced while creating her first firm, Locket.
Locket was introduced in 2013 as a lock-screen app that displayed news and notifications on a phone’s lock screen. In 2015, Locket was acquired by Wish, a mobile shopping app.
In 2016, Yunha co-founded Simple Habit with a Harvard psychologist, and it was released in July of the same year. It caters to busy young professionals who seek a calming influence in their hectic working lives.
The basic version of the software is free, but advanced versions are available at a cost between $49 and $99 per year. Simple Habit has received positive 5-star ratings and is among Apple’s “apps we love.”
From surgeons to parents to young professionals, anyone can use Simple Habit to relax and unwind.
Simple Habitat Shark Tank Pitch
Yunha Kim appeared on the ninth season premiere of Shark Tank, seeking funding for her meditation app, Simple Habit.
She hoped to secure a deal with one of the Sharks to help scale her business. Yunha requested $600,000 in exchange for a 5% stake in her company, which had a valuation of $12 million.
During her presentation, Yunha invited the Sharks to meditate with her, but Mark criticized the exercise and questioned the value of her app.
Despite this, Yunha revealed that Simple Habit had 500,000 users and generated $750,000 in annual revenue from its premium content, which cost $11.99 monthly or $99 annually. The app had 5,000 premium subscribers in 2017.
Yunha had raised $2.8 million for her company, but it was not yet profitable. She anticipated revenues of $5 million in 2018 and had only spent $500,000 of the investment. However, some Sharks, including Mark, believed she was only seeking publicity and did not need the funding.
Richard offered to invest $300,000 for a 10% stake, but Mark mocked the offer, and Richard retaliated by throwing his water glass at him.
Robert then joined Richard, offering the same investment, bringing the total to $600,000 for a 20% stake in the company. Yunha began to cry and declined the offer, leaving without a deal.
Despite this setback, Simple Habit had 75,000 downloads on the night of the show and eventually surpassed its competitor Headspace as the most popular meditation app in the Apple Store.
The company raised an additional $10 million in funding and was included in Forbes’ 2017 list of the world’s 30 under 30.
However, in February 2019, the company faced a class-action lawsuit in California, accusing them of unauthorized charges to customer payment methods.
Despite this, Simple Habit continued to operate and even launched a new feature, “Better Together,” during the Covid-19 pandemic, which allowed users to meditate together in real-time. As of February 2022, the company was still operational and generating $34 million in yearly sales.
Competitors of Simple Habit
The top competitors of Simple Habit are; Amare Global, Calm.com, Whil Concepts, Starling Minds, MyCognition, Inscape, GLO CPAs and Sacred Acoustics.
Net Worth of Simple Habit
The company valuation was $12 million during and after the pitch. In 2018 the company has a net worth of $10 million. Since then the company is still operating and hence the company net worth might be higher than that of pitch.
Simple Habit FAQs
What is Simple Habit?
Simple Habit is a meditation app for people who are stressed, for those who have never meditated before, and for others as well. It provides guided meditation in a very easy way.
The main goal is to help people find their “recharge.” It helps users manage stress and anxiety related to work, or even personal matters such as relationships and parenting.
Who is the founder?
Yunha Kim founded Simple Habit with a Yale psychologist in 2016. Yunha was the founder and CEO of Locket.
How much was seeking on Shark Tank?
Yunha was seeking for $600,000 for 5% stake of the company, which valued at $12 million.
Did she have the deal?
No, she did not get the deal.
Is Simple Habit still in business?
Yes, Simple Habit is still in business. Subscribers can download the app on Google or Apple store.
When was Simple Habit founded?
Simple Habit was founded in 2016.
How to use Simple Habit?
Simple Habit can be downloaded on Apple app store and Android play store. One can also access it on the official website of the company.
What is the price of yearly subscription?
Simple Habit has two types of subscription: annual and monthly. The annual subscription is $99, while the monthly subscription is $11.99.
What do you mean by recharge?
The goal of Simple Habit’s guided meditation sessions is to help people recharge.
What are some of the available sessions?
Simple Habit offers a variety of different sessions, ranging from 5 minutes to 20 minutes in length.
What are the payment methods accept by Simple Habit?
Simple Habit accepts credit or debit cards, including Visa and MasterCard.
Where is Simple Habit headquarters located?
Simple Habit is based in Los Angeles, CA, United States.
Is Simple Habit really work?
Simple Habit is a meditation app that relies on meditation in a guided form. It can help users cope with stress and anxiety.
How many subscribers Simple Habit has?
Simple Habit has around 1 million monthly users.
What can one learn in simple habit?
Users of Simple Habit can learn to meditate, manage work-related stress or anxiety, sleep and beyond.
Is simple habit really free?
No, it costs $11.99 per month after the 7-day trial expires.
How do I cancel my Simple Habit subscription?
Simple Habit users can cancel their subscription in the app. It is also possible to reach out to Simple Habit support desk for assistance.
What if I want to update my mobile number?
Simple Habit users can update their mobile number by going into the app and tapping on “Change” under “Account Information.” Alternatively, it is possible to contact Simple Habit support.
What if I want to change my username?
Simple Habit users can update or change their username via “Account Information” under “Profile.
What is the net worth of Yunha Kim?
Yunha Kim is the founder of Simple Habit. Her net worth is not available.
