Emerging Vision Raises $4 Mn Series A Round Led By Lightspeed
The company will use the funds raised to enhance its live streaming technology and AI-powered online spiritual platforms and scale its operations across new and existing markets
Singapore-headquartered online spiritual wellness company Emerging Vision on Tuesday announced to have raised $4 million from its Series A funding round led by Lightspeed. Having reached $5 million in total funding, Emerging Vision will enhance its Guruji and Teller live streaming wellness platforms, as well as scaling the company's operations.
"Spiritual services have played a key role in people's lives, and today's young generation is keen to adopt new ways to implement in their daily routines. Emerging Vision offers a holistic platform for these consumers, striking a fine balance between spiritual wellness and its accessibility. We are excited to take this journey forward with the support of Lightspeed," stated Saarthak Singh, co-founder, Emerging Vision.
Within 18 months of its Android launch and three months of its iOS launch, Emerging Vision had a $6 million annualized revenue run rate, growing at 500 percent year on year. The platform currently has 180,000 consultations per month with around 30 per cent of new users returning to consult the app again in the following month, leading to a peak recharge rate of 10 percent among daily active users.
Emerging Vision now has a team of more than 550 verified astrologers from over ten areas of expertise, including astrology, tarot reading, palmistry, and numerology. The company's artificial intelligence (AI)-driven selecting mechanism acts as incentives for astrologers to provide excellent services, which ensures the quality consistency in users' experience. EV's live streaming technology also empowers astrologers with standardized services that enhance their capabilities, the company said.
"Emerging Vision has created a transformative approach towards spiritual wellness at a time where there is fast-growing demand globally for wellness solutions. We are excited to back the Emerging Vision team as it takes its next fundamental steps to expand its platforms across more markets and redefine spiritual wellness globally," said Akshay Bhushan, partner, Lightspeed Venture Partners.
In addition to expanding its global operations, Emerging Vision also plans to launch its own e-commerce marketplace. This will eventually morph into the first port of call for global users seeking spiritual wellness with offerings focusing on live streaming, consultation, content and community