Tripp, the startup behind the digital psychedelic wellness app, has announced the raising of $11 million in funding in Series A after securing $4 million back in 2017.
The funding round was led by Vines Ventures and Mayfield, two venture capital firms aimed to boost early-stage companies in the life sciences and engineering biology sectors.
Participants included Integrated, AlphaBridge Ventures, Jim Dew, Berkeley Club, CJ Group, CTR Capital, PsyMed Ventures, and several other venture capital firms, as well as individual investors.
This represents a big success for a female-founded startup, especially at a time when studies suggest that women-led projects received only 2.2% of the total venture capital funding.
The startup launched the TRIPP app in 2018, a self-defined digital psychedelics platform that immerses users into alternative realities that have been procedurally generated.
These realities have been designed to mimic the experience of people who are under the effects of psychedelics, providing a unique meditation experience.
Having streamed more than 2 million virtual reality meditation sessions already, as the result of tripling its userbase, the platform has become one of the best meditation apps among the VR community.
This popularity also resulted in the startup gaining the attention of major investment firms which jumped at the opportunity of participating in the funding round.
Ever since its launch, TRIPP has been used in several clinical trials for treating a variety of psychological and addiction disorders, with pilots also underway with what the company assures are top health insurers and providers.
Of these, Vituity has actively taken an interest in the app by funding it through its Inflect Health Innovation fund.
TRIPP is currently available on Oculus and PlayStation VR, two Virtual Reality platforms, as well as Android and Apple devices.
According to an official Tweet, Tripp is planning to use the funding to continue the expansion of the platform through new channels, devices, and digital psychedelics.