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What Is Simple Habit’s Net Worth In 2023 After Its Introduction At The Shark Tank?

what is simple habits net worth in 2023 after its introduction at the shark tank 2 00

According to a source, Simple Habit creator Yunha Kim seems to have a net worth of $20 million as of 2023. The publication states that  Simple Habit’s net worth was $12 million before going on Shark Tank in October 2017.

Yunha Kim requested $600,000 for 5% ownership during her Shark Tank pitch in 2017; however, she did not obtain a contract. Simple Habit had 500,000 users and over 5,000 paying members at the time of her pitch, generating $750,000 in yearly recurring income. The company was well-funded and growing at a rate of 50% every quarter.

What is Simple Habit App?

Simple Habit is a mindfulness meditation software program. It has over 1600 guided meditations that address a variety of concerns, such as stress, weight reduction, relationship problems, and improved sleep. Instead of merely sitting with their eyes closed, the program allows users to perform meditation in a variety of settings. Users can select from a variety of meditation practices based on their current surroundings or circumstance.

what is simple habits net worth in 2023 after its introduction at the shark tank 00

What is the Story Behind Simple Habit?

Yunha Kim appeared on Shark Tank’s ninth season premiere, seeking money for her meditation software, Simple Habit. She hoped to land a contract with one of the Sharks to help her firm grow. Yunha Kim asked for $600,000 in return for a 5% ownership in her firm, which was worth $12 million.

Yunha offered the Sharks to meditate with her during her presentation, but Mark ridiculed the practice and questioned the app’s effectiveness. Despite this, Yunha said that Simple Habit had 500,000 users and earned $750,000 per year from its premium content, which costs $11.99 per month or $99 per year. In 2017, the app had 5,000 premium members.

Yunha’s Simple Habit had raised $2.8 million, but it was not yet viable. She expected a $5 million income in 2018 and had only spent $500,000 of her capital. Other Sharks, like Mark, thought she was merely looking for publicity and didn’t need the money.

Richard offered to contribute $300,000 for a 10% interest, but Mark dismissed the offer, prompting Richard to respond by tossing his water at him. Richard was subsequently joined by Robert, who offered the same amount, which brought the total to $600,000 for a 20% interest in the firm. Yunha Kim began to cry and turned down the offer, departing without a contract.

Despite all this, Simple Habit kept going and even created a new feature, “Better Together,” during the Covid-19 outbreak, which enabled users to meditate in real-time with one another. The firm is still in existence with annual revenues of $34 million.

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