Wondermind Funding: Digital Mental Health Firm by Selena Gomez Reaches $100M Valuation After Backing from Serena Williams
The Series A funding round was led by Williams’s VC firm
Wondermind, famous singer-songwriter-actress Selena Gomez’s digital mental health startup, has raised $5 million in Series A funding round. The company is now valued at $100 million, as its pre-money valuation was $95 million.
A collaborative project between Gomez, Mandy Teefey, and Daniella Pierson, Wondermind aims to change the conversation about mental health by providing tools and democratizing access to help.
Serena Ventures, legendary tennis star Serena Williams’s VC firm, led the Wondermind funding round, with Lightspeed Venture Partners, Sequoia Capital, and former Allergan CEO Brent Saunders also participating.
Williams, who has recently announced her retirement from tennis, will be involved in Wondermind to promote the platform and help eliminate the mental wellness stigma.
The funds will be used to expand Wondermind’s ‘ecosystem,’ which includes daily online content, CPG products, and original storytelling. The goal is to achieve mental fitness, with participants getting access to methods and tools and participating in discussions. Wondermind is also currently working on a podcast where no topic will be off-limits.
Gomez announced the creation of her digital mental health startup last fall. The music industry star is known for being open about her own mental health struggles, including anxiety and depression, as well as her bipolar diagnosis.
“This is only the beginning for @officialwondermind and our mission to democratize and destigmatize mental health. Thank you to everyone who has been so supportive and I can’t wait for you all to see what’s coming next! 🖤 #letswondermind,” Gomez shared on her Instagram profile.
In a video also posted on Gomez’s Instagram account recently, Gomez and Williams discussed the meaning of mental fitness and boundaries. “Mental fitness for me is just really learning to shut down. I did this years ago before even mental health was a topic among everyone’s mind. It was more just like, alright, I’m shutting myself down today. Just subconsciously, it was something I’ve always done, and so now that I know that it’s so important to just put yourself first, especially mentally, I always have shut down moments. I have serious boundaries and I don’t let anyone cross those boundaries,” Williams told Gomez.
The global mental health market was valued at $383.31 billion in 2020, and is anticipated to reach $537.97 billion by 2030, according to Allied Market Research.
Courtney Rehfeldt has worked in the broadcasting media industry since 2007 and has freelanced since 2012. Her work has been featured in Age of Awareness, Times Beacon Record, The New York Times, and she has an upcoming piece in Slate. She studied yoga & meditation under Beryl Bender Birch at The Hard & The Soft Yoga Institute. She enjoys hiking, being outdoors, and is an avid reader. Courtney has a BA in Media & Communications studies.