Venture capital firms are increasing investments in sleep and meditation apps designed to promote wellness and decrease stress among users, CNBC reports.
Mobile meditation and relaxation apps such as Headspace and Calm have seen increased financing from investors. Headspace has received $75 million, and Calm raked in $88 million, according to the report. Calm is currently valued at $1 billion, while Headspace is valued at $320 million, TechCrunch reports.
Wellness apps have risen in popularity as a result of a cultural shift away from overworking, Calm CEO and Co-founder Michael Acton Smith, told CNBC.
"A few years ago, people would show off how little sleep they had," Mr. Smith said. "Now, people are horrified by that."
Headspace and Calm users pay monthly or yearly subscriptions to use the apps, and both companies have more than 1 million subscribers.