An estimated $100 million has been, placed on Selena Gomez's startup

An estimated $100 million has been placed on Selena Gomez's startup for mental health.

Wondermind, a company Selena Gomez cofounded, is trying to cash in on the growing mindfulness movement by raising money at a valuation of $100 million.

The early-stage round raised $5 million, with Serena Williams's Serena Ventures serving as the lead investor with Lightspeed Venture Partners and Sequoia Capital. Additionally present was Brent Saunders, ex-CEO of the pharmaceutical business Allergan.

Wondermind emphasizes "mental fitness," or the practice of maintaining mental health through regular activities like those practiced in a gym. Gomez, her mother (Hollywood producer Mandy Teefey), and pop culture newspaper Newsette founder Daniella Pierson founded the company two years ago after Pierson met the mother-daughter combination and they hit it off.

I was really blown away by how open they were about their mental health, said Pierson. All of us agreed that action was necessary, therefore we took it.

In 2020, Gomez revealed that she had been diagnosed with bipolar disorder; she has also spoken publicly about her struggles with anxiety and despair. As an additional note, Teefey has been open about her battle with ADHD.

Over the past two years, investors have put $9.5 billion into mental-health businesses, more than double the previous year's amount, according to data from analytics firm CB Insights. Celebrity endorsement increases exposure but does not ensure success. Competition in the field of mindfulness is intensifying, and mindfulness itself is an elusive concept.

Wondermind's initial services consist of a newsletter and social media channels that provide "a blueprint for conquering stigma, transforming your thinking, and feeling supported," as stated on the company's website. Teefey is putting together the production side of the business, where they will make and distribute material related to mental health. Gomez's main interests lie in art direction and publicity. Without going into specifics, Pierson stated that physical items incorporating behavioral therapy are also in development.

This week, Williams, one of the best players of all time, announced her retirement from tennis to devote more time to her family and her venture capital firm. She has been an investor for nine years, and her holdings include Foody, a marketplace for cooking recipes, the social network for kids Zigazoo, and the cryptocurrency company Nestcoin.

Williams said in an interview, "We're clearly going to do more, and be a fund that does raise a billion dollars someday." "If there's one thing I'm good at, it's making a name for myself in the professional world."

Williams has spoken openly about the need of talking about mental health issues like anxiety and postpartum feelings. She'll be a part of Wondermind's content as well, spreading the word about the company's next endeavors.