Aura Health (previously Aura)

Aura Health (previously Aura)

Growth Stage

The world's ecosystem for mental wellness content, community, and services

The world's ecosystem for mental wellness content, community, and services


Raised to Date: Raised: $2,959,827

Total Commitments ($USD)


Dealmaker Securities

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Close Date


Min. Goal
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Security Type

Equity - Preferred


Series A

SEC Filing Type

RegCF    Open SEC Filing

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Days Remaining
% of Min. Goal
% of Max. Goal
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Year Founded



Healthcare & Pharmaceuticals

Tech Sector


Distribution Model




Capital Intensity



San Francisco, California

Business Type


Aura Health, with a valuation of $60 million, is raising funds on Dealmaker Securities. It is a mental wellness marketplace providing content, coaching, and community for mental health services. The marketplace enables mental health coaches and therapists to shift digital and individuals to access personalized mental wellness content, coaching, and community services. Aura Health has over 7 million users, more than 100,000 paying subscribers, and $7 million ARR. Steve Lee and Daniel Lee founded Aura Health in December 2015. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $4.4 million. The campaign proceeds will be used for marketing and product development.

Summary Profit and Loss Statement

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Financials as of: 02/21/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Aura Health (previously Aura) 04/28/2024 Dealmaker Securities $60,000,000 $900,477 Equity - Preferred Active RegCF
Aura Health (previously Aura) 04/29/2023 Dealmaker Securities $60,000,000 $2,959,827 Equity - Preferred Funded RegCF
Aura 12/07/2022 Republic $55,000,000 $483,652 SAFE Funded RegCF
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Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Valuation History

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

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Aura Health is a mental health and wellness content service. The founders, brothers Steve and Daniel Lee, liken the product to “Spotify for meditation.” Users can stream content ranging from breathwork to hypnotherapy through playlists, live sessions, or with one-on-one coaching. I joined the app as a premium user and enrolled in a five-day introduction to breathwork program. I was impressed with the range of offerings on the app, which include prayer, autonomous sensory meridian response (ASMR), and astrology-based meditations. KingsCrowd has rated Aura Health a Deal to Watch.

Next Section: Price


At $60 million, Aura Health is reasonably priced for a company that brought in $6.9 million in annual revenue for 2022. The leading competition in the industry, Calm and Headspace, are valued at $2 billion and $1 billion, respectively. To make a 10x return on investment, Aura Health would need to reach a $600 million valuation, in which case it would emerge as an industry leader among these giants. The biggest concern is how much room in the market there is for that kind of growth.

Next Section: Market


The U.S. mental health app market stands at around $1.8 billion. The market is not massive by any means, but it is growing quickly, at an annual rate of 13.9%. The pandemic served as one of the major market drivers. COVID-19 spurred a decline in mental health for many and increased familiarity and comfortability with online health services. The mental health crisis and inaccessibility of current therapy options may also push users to adopt a cheaper, more approachable version of mental health care like the Aura Health app.

Next Section: Team


Aura Health was founded by brothers Steve and Daniel Lee. Steve has a background in product and holds a UC Berkeley-UCSF joint master’s degree for health care entrepreneurship. Daniel is a much more green founder with experience as a research assistant at his alma mater, UC Santa Barbara. Chief Technology Officer Jerome Curlier came from Microsoft and IBM, while Chief Data Officer Brian Richmond came from WeWork. The advisory team represents companies including Uber, Eventbrite, Slack, MasterClass, Credit Karma, and HubSpot. 

In isolation, I am not fully confident in the founders’ ability to execute, but they are surrounded by strong advisors and have brought on competent C-Suite team members with technical backgrounds that will serve the company well. Steve’s academic background in entrepreneurship should aid in his ability to bring on capital complemented by the Berkeley network.

Next Section: Differentiators


Calm and Headspace are the two heavy hitters in the mental health app market. Both are still private companies but have raised hundreds of millions in outside capital. The Aura Health app has some of the most comprehensive content coverage, ranging from ASMR to hypnosis. Calm and Headspace focus primarily on guided meditations, breathwork, and sleep aids. Aura Health is slightly cheaper than Calm and Headspace ($59.99 annually vs. $69.99). The product is high quality — I have used it myself and can vouch for the value. You could find much of this content elsewhere, but I have yet to see an app that is a one-stop-shop for such a range of material. Differentiation by price alone is not a winning strategy and content can always be replicated by large competitors, but the team is working on new innovative strategies to capture more market share that I can’t share quite yet.

Next Section: Performance


To date, Aura Health has 7 million users, 100,000 of whom are paid — which resulted in $6.9 million in annual revenue for 2022. Co-founder Steve Lee expects to do $10 million to $14 million in revenue within 12 months post-funding. There are 400 vetted creators on the platform, including licensed therapists. This is a strong start considering much of Aura Health’s defensibility lies in its traction. The company is also venture backed and has just under $1 million in cash on hand, a solid position for a startup as we enter turbulent economic times where funding may be hard to come by. Much of the company’s growth is entirely organic. If the company ramps up its conversion rates and paid marketing, traction could quickly skyrocket.

Next Section: Bearish Outlook

Bearish Outlook

At $1.8 billion, the market for mental health and wellness apps is small. Two massive incumbents, Calm and Headspace, have already made significant headway in eating up much of that $1.8 billion. At a $60 million valuation, Aura Health needs the market to grow significantly to make room for a 10x return on investment. This is not out of the question, but the already small market doesn’t leave much room for current unmet demand. 

Next Section: Bullish Outlook

Bullish Outlook

Aura Health’s somewhat green founding team is flanked by C-Suite executives with very impressive experience and an advisory team from top tech and consumer goods firms. And founder experience is less important than proven execution. Co-founders Steve and Daniel Lee have promoted consistent growth year-over-year in both revenue and user adoption. Aura Health’s low marketing spend thus far is promising, in that there is still much in the arsenal to ramp up traction. The brothers plan to use the money they raise this round to power product development and marketing. They have an impressive growth strategy that includes exciting and innovative features and partnerships that the pair is not quite ready to make public. 

Next Section: Executive Summary

Executive Summary

Aura Health is a new player in the small but burgeoning mental health app space. Offering more comprehensive content than existing apps and at a lower price point, the company is well-positioned to eat up some of the market. The founding team is relatively green, but is surrounded by impressive C-Suite executives and advisors — a team that venture firms have already bet on. Traction has been stellar to date and with little to no marketing cost. Should adoption and revenue continue to tick up, getting in at this $60 million round could be a steal for investors. 

Report written by KingsCrowd Investment Research Manager Olivia Strobl on March 28, 2023.

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Aura Health on Dealmaker Securities 2023
Platform: Dealmaker Securities
Security Type: Equity - Preferred
Valuation: $60,000,000
Price per Share: $1.00

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