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Every investor gets some companies wrong. But add me to the list that didn't see

as a $2B+ monster of a business. Amazing to watch and learn from. 💯

Meditation App Calm Said to Seek Funds at $2.2 Billion Valuation

Calm, maker of a meditation and sleep app, is exploring a new funding round that could more than double the company’s valuation, according to people with knowledge of the matter.

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I still don't get it, though I don't get why people pay for porn these days either. I guess it's the convenient packaging? Maybe it's the act of paying itself that has value to the consumer. Certainly a lesson in here somewhere.

2:15 AM · Oct 14, 2020Twitter Web App

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At some level, subscription businesses are simple: - Cost of acquisition - Revenue per user per year - Retention / churn

@Calm

seems to have nailed it. My guess is that people (like me) misjudged one or possibly all of these limits for this business.