What Happened to Simple Habit After Shark Tank?
What is Simple Habit?
Simple Habit is mindfulness meditation software that includes over 1600 guided meditations that may be used to treat a variety of life issues such as stress, weight loss, relationships, and even improved sleep.
The app allows users to de-stress through meditation in a variety of settings. Rather of taking a sitting position with closed eyes, users can choose from a range of meditation exercises based on their current situation or environment.
There are several 5-minute meditation exercises available for driving, flying, and preparing for a meeting.
Simple Habit was founded by Yunha Kim, a seasoned entrepreneur who previously sold her previous brand Locket to Wish. Yunha is the CEO of Simple Habit to this day.
Who is the founder of Simple Habit?
Yunha Kim founded Simple Habit in 2016 as a reaction to the stress and weariness she experienced while building her first company, Locket.
Locket debuted in 2013 as lock-screen software that shows news and notifications on a phone’s lock screen. Wish, a mobile shopping app, purchased Locket in 2015.
She co-founded the app in 2016 with a Harvard psychologist. It first aired in July of that year. It is aimed at busy young professionals who wish to relax after a long day at work.
Although the basic version of the program is free, the higher versions cost between $49 and $99 each year. It currently has a 5-star rating and is one of Apple’s “apps we love.”
It is used to unwind by everyone from doctors to parents to young workers.
What Happened to Simple Habitat Shark Tank pitch?
Yunha Kim hopes to acquire money for Simple Habit, her meditation software, during Shark Tank’s season nine premiere episodes 903 and 904. She wishes to enlist the help of a Shark in order to expand her business.
Yunha entered the Tank seeking $600,000 in return for a 5% stake in her company, which worth $12 million.
She begins her presentation by inviting the Sharks to join her in meditation, but Mark mocks her worth the entire time. After she has done, the questioning begins.
She presently has 500,000 users and makes $750,000 each year. While the app is free, premium content costs $11.99 per month or $99 per year. In 2017, she had 5000 premium subscribers.
So far, they have raised $2.8 million for a total of $10 million. They are not yet profitable, but expect to make $5 million in sales in 2018.
Only $500,000 of the $2.8 million has been spent. Lori and Daymond are intrigued as to why she was there.
Mark goes out, calling her a gold digger. Daymond feels she squandered a chance for a company in severe need of capital, so he exits.
Lori then goes out too, claiming that she didn’t think Yunha needed the money. Mark claims she was only there for the ad and the Shark Tank effect.
Mark mocks Richard’s offer of $300,000 for 10% equity, and Richard responds by tossing his glass of water in Mark’s face.
Robert announced that he will invest $300,000 for 10% equity shares in combination with Richard, increasing the total investment for 20% equity shares between the two Sharks to $600,000 for the two Sharks.
When Yunha begins to cry, Robert raises his equity share to 15%. Yunha notifies Robert and Richard of her inability to do so. Finally, she exited the pitch without a deal.
What Happened to Simple Habit after Shark Tank?
Despite the pitch’s failure to secure a deal, Yunha had 75,000 downloads on the night of the presentation. Within less than three weeks, the founder of Whil, a competing wellness app, publicly accused Yunha of stealing his business model and committing corporate espionage at his company.
Ironically, earlier this year, another Branson company, Virgin Pulse, partnered with Whil.
In November 2017, the app has one million downloads. She was also included to Forbes’ list of the world’s 30 under 30 in 2017. By the end of 2018, they had eclipsed Headspace as the most popular meditation app in the Apple Store, with 30,000 new users added each week.
In November 2018, the company raised an additional $10 million. The company was sued in a California class action in February 2019, saying that it “charged clients’ payment methods for ongoing product shipments or service deliveries without their consent.”
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 in business in February 2022, with annual sales of $34 million.
Competitors of Simple Habit
Simple Habit’s main competitors include Amare Global, Calm.com, Whil Concepts, Starling Minds, MyCognition, Inscape, GLO CPAs, and Sacred Acoustics.
Net Worth of Simple Habit
During and after the pitch, the firm was valued at $12 million. The company’s net worth in 2018 was $10 million.
Simple Habit FAQs
What is Simple Habit?
Simple Habit is meditation software for stressed people, those who have never meditated before, and others. It offers guided meditation in a very simple manner. The major purpose is to assist people in locating their “recharge.” It assists users in dealing with work-related stress and anxiety, as well as personal issues such as relationships and parenthood.
Who is the founder?
In 2016, Yunha Kim co-founded Simple Habit with a Yale psychologist. Locket’s founder and CEO was Yunha.
How much was seeking on Shark Tank?
Yunha was looking for $600,000 for a 5% stake in the firm, which was worth $12 million.
Did she have the deal?
No, she did not get the offer.
Is Simple Habit still in operation?
Yes, Simple Habit is still in operation. Subscribers may get the app via Google Play or the Apple App Store.
When was Simple Habit established?
Simple Habit was established in 2016.
What is the best way to utilize Simple Habit?
Simple Habit is available for download from the Apple App Store and the Google Play Store. It is also available on the company’s official website.
How much does an annual subscription cost?
Simple Habit offers two membership options: yearly and monthly. The yearly subscription fee is $99, and the monthly fee is $11.99.
What exactly do you mean by “recharge”?
Simple Habit’s guided meditation sessions are designed to help individuals rejuvenate.
What are some of the sessions that are available?
Simple Habit provides a number of sessions ranging in length from 5 to 20 minutes.
Simple Habit accepts which payment methods?
Simple Habit takes Visa and MasterCard credit and debit cards.
Where is Simple Habit’s headquarters?
Simple Habit is situated in Los Angeles, California, USA.
Is Simple Habit truly effective?
Simple Habit is meditation software that uses guided meditation. It can assist consumers in dealing with stress and anxiety.
What is the total number of subscribers for Simple Habit?
Simple Habit has around one million monthly users.
What can a simple habit teach us?
Simple Habit users may learn to meditate, handle work-related stress or anxiety, sleep, and much more.
Is a simple habit truly free?
No, once the 7-day trial period expires, it costs $11.99 per month.
How can I cancel my subscription to Simple Habit?
Users of Simple Habit can cancel their membership using the app. You may also contact the Simple Habit support center for assistance.
What if I wish to change my phone number?
Users of Simple Habit can alter their cellphone number by opening the app and selecting “Change” under “Account Information.” Alternatively, you may get in touch with Simple Habit support.
What should I do if I wish to change my username?
Users of Simple Habit can update or modify their username by going to “Account Information” under “Profile.”