Case Study

Peace of Mind: How Aura Health Raised $6.3M from Their Community

The #1 mental wellness app built a movement of 2,600+ community investors who believe that mental health should be accessible to everyone, proving that mission-driven health tech can scale through community capital alongside traditional venture funding.

$6.3M

Total Community Capital Raised

$2,452

Average Investment

$2.8M+

Previous VC Funding

In a world where mental health has become a crisis affecting millions, Aura Health emerged as a beacon of hope. As the #1 mental wellness app with millions of users worldwide, they've made mindfulness, meditation, and mental health support accessible through innovative technology and personalized content.

But here's what makes Aura truly special: They didn't just want to help people find peace of mind through their app. They wanted to bring their community along for the journey. After initially raising venture capital from prestigious firms like Cowboy Ventures and Reach Capital, Aura Health made a strategic decision to complement their institutional funding with community capital. Through three successful raises with DealMaker, they raised over $6.3 million from 2,607 investors who believe mental wellness should be democratized.

Building a Blended Capital Stack: VC + Community

Like many successful health tech companies, Aura Health started with venture capital. Their early-stage funding from respected VCs like Cowboy Ventures and Reach Capital provided the initial runway to build their product, hire key talent, and validate their market fit. But Co-founder and CEO Steve Lee saw an opportunity to do something different as they scaled.

Rather than relying solely on institutional investors for growth capital, Aura Health made the strategic decision to bring their users into the cap table. This wasn't about replacing VC funding. It was about complementing it with a capital source that could drive unique strategic advantages.

"We had great VC partners who believed in our vision, but we wanted to take it a step further. Our users are the lifeblood of our business. They understand mental wellness challenges firsthand because they're living them. Bringing them onto our cap table as investor-advocates wasn't just about raising capital; it was about building a community that would help us grow faster and build better products."

— Steve Lee, Co-founder & CEO, Aura Health

How Community Capital Complemented VC Funding

                VC for velocity, community for validation: Institutional investors provided large checks for rapid scaling, while community investors validated product-market fit with thousands of small commitments from actual users.
Capital efficiency: Each community raise became faster and cheaper than the last (from 90 days to 24 days), providing growth capital without the dilution or control implications of additional VC rounds.
Built-in distribution network: 2,600+ investor-advocates who actively promote the app to friends, family, and social networks, providing organic marketing that VCs can't provide.
Real-time product feedback: Investors who are daily users provide continuous insights on features, content, and user experience, accelerating product development cycles.
Recession-resilient funding: When VC funding slowed during economic uncertainty, Aura's community remained engaged and committed, providing consistent access to capital independent of institutional cycles.
Mission alignment: Community investors who personally benefit from mental wellness support are naturally aligned with Aura's long-term mission, not just near-term exits.

            

"The business outcomes from community capital have exceeded our expectations. Our investor-users have a 40% higher retention rate than regular subscribers, and they're 3x more likely to refer new users to the platform. That's not just capital. That's compounding strategic value that improves our unit economics and makes every subsequent raise more efficient."

— Steve Lee, Co-founder & CEO, Aura Health

The Mission: Making Mental Wellness Accessible to All

Mental health challenges affect 1 in 5 adults annually, yet traditional therapy remains expensive and inaccessible for many. Aura Health built a subscription-based platform offering personalized meditation, sleep stories, cognitive behavioral therapy (CBT) exercises, life coaching, and more, all backed by science and accessible from your smartphone.

                Living their values: A company committed to accessibility naturally chose community capital to democratize ownership alongside democratizing mental health support.
User alignment: Their millions of app users could become shareholders, creating a powerful feedback loop between product development and ownership.
Strategic growth capital: Community capital funds product development, content creation, and expansion into new wellness categories without excessive dilution.
Building lasting relationships: Creating an army of investor-advocates who promote the app and mission organically, reducing customer acquisition costs over time.

            

The Challenge: Scaling Mental Wellness at Speed

With strong early VC backing and growing traction, Aura Health needed additional capital to scale quickly in the competitive health tech landscape. But they faced a critical question: Should they pursue another traditional VC round with its dilution and control implications, or explore a capital source that could provide strategic advantages beyond just money?

They chose community capital, and the results speak for themselves.

                2023 Campaign: Raised $3M in 90 days, establishing proof of concept for community capital and demonstrating their users wanted to be investors
2024 First Campaign: Raised $1.4M in 60 days, 33% faster than their first raise as momentum built with existing investor base
2024 Second Campaign: Raised $1.2M in only 24 days to complete their Reg CF allocation, demonstrating the power of repeat investor engagement
Previous Success: Had already raised $500K on a crowdfunding marketplace, validating the community capital approach before scaling with DealMaker

            

This progression tells a story of compounding momentum. Each successive raise got faster and more efficient as Aura built a loyal base of investor-advocates who continued to invest in additional rounds.

A Market Ripe for Disruption

The mental wellness market represents one of the fastest-growing sectors in health tech, driven by increasing awareness, reduced stigma, and the proven effectiveness of digital therapeutics.

                $121B global mental wellness market expected to reach $183B by 2030
70% of adults report experiencing stress or anxiety that impacts daily life
91% of Gen Z and Millennials actively seek mental wellness solutions
Digital mental health apps have seen 200%+ growth since 2020
Subscription-based wellness models show 85%+ retention rates when users see results

            

Aura Health sits at the intersection of these trends, combining scientifically-backed content with personalized AI-driven recommendations and a growing library of wellness resources from 400+ vetted creators including licensed therapists.

From Venture Capital to Community: Aura's Capital Evolution

2018-2020

Venture Capital

Early Stage: VC Foundation

$2.8M+ Raised

3 Lead Investors

Cowboy Ventures, Reach Capital, and Praxis provided the foundation for Aura to build their product, validate market fit, and establish themselves as a leading mental wellness platform.

Pre-2023

Marketplace Campaign

Testing Community Capital

$500K Raised

Aura Health's first foray into community capital proved that their users wanted to become investors. This early validation set the stage for larger raises and established that community capital could work alongside, not instead of, institutional funding.

2023

Reg CF Round 1

Scaling Community Capital

$3M Raised

90 Days Duration

Partnering with DealMaker, Aura Health launched their first major Reg CF campaign. The three-month raise demonstrated strong community support and proved that community capital could scale beyond the initial marketplace test.

Early 2024

Reg CF Round 2

Accelerating Growth

$1.4M Raised

60 Days Duration

Building on previous success, Aura's second 2024 campaign raised $1.4M in just two months—33% faster than their 2023 raise. Growing investor confidence, repeat investors from previous rounds, and brand momentum drove the acceleration.

Late 2024

Reg CF Round 3

Lightning-Fast Close

$1.2M Raised

24 Days Duration

In a remarkable display of community support and capital efficiency, Aura Health raised $1.2M in just 24 days to complete their Reg CF allocation. This rapid close—73% faster than their first raise—demonstrated the power of building a loyal investor base over multiple successful campaigns.

Measurable Business Outcomes from Community Capital

While the $6.3M in community capital was significant, the strategic business outcomes proved even more valuable. Aura Health tracked key metrics to understand how investor-users differed from regular subscribers.

                40% higher retention: Investor-users stayed subscribed significantly longer than regular users, improving lifetime value and reducing churn.
3x referral rate: Community investors referred friends and family at 3 times the rate of regular users, dramatically lowering customer acquisition costs.
Repeat investment: Many investors participated in multiple rounds, demonstrating sustained confidence and providing predictable access to growth capital.
Product development acceleration: Direct feedback from investor-users helped prioritize features and content, shortening product development cycles.
Organic social proof: 2,600+ investors actively sharing their investment on social media created authentic word-of-mouth marketing at scale.
Capital efficiency gains: Each successive raise became faster and cheaper to execute, with 73% reduction in time-to-close from first to third campaign.

            

"Looking back, blending VC and community capital was one of the best strategic decisions we made. Our institutional investors provide the large checks and strategic guidance for major initiatives, while our community investors provide validation, distribution, and feedback that makes everything else work better. It's not either/or. It's both, and each makes the other more valuable."

— Steve Lee, Co-founder & CEO, Aura Health

The Mental Wellness Revolution

Aura Health operates in one of the fastest-growing and most critical sectors in health tech. The convergence of increased mental health awareness, reduced stigma, and proven digital therapeutics has created a massive opportunity.

Total Addressable Market

Positioned at the intersection of mental health, wellness, and digital health technology

$121B

Global Mental Wellness Market

Expected to reach $183B by 2030, driven by increased awareness and demand

70%

Adults with Stress/Anxiety

Over 2 billion people globally report stress or anxiety impacting daily life

200%+

Digital Health Growth

Mental wellness apps have seen explosive growth since 2020

Powered by DealMaker

Aura Health chose DealMaker to facilitate their Reg CF offerings because of their proven track record with health tech companies and comprehensive end-to-end platform that handles everything from compliance to investor management.

Why Aura Health Chose DealMaker

                    Seamless onboarding for investors at all investment levels, from $100 to $100,000+
Self-hosted solution that maintained Aura's brand identity throughout the investment process
Real-time analytics dashboard to track campaign performance and optimize on the fly
Regulatory expertise navigating complex SEC regulations for multiple Reg CF campaigns
Marketing support to reach new investors and build momentum across multiple campaigns
Investor relations tools to keep 2,600+ community investors engaged and informed

                

Over three campaigns, DealMaker's platform processed nearly $7M in capital commitments from thousands of investors, demonstrating the scalability and reliability needed for mission-critical health tech fundraising.

The Formula for Success

Aura Health's remarkable fundraising journey reveals key patterns that other health tech companies can learn from:

                Build in public: Their existing user base became their investor base, creating natural brand advocates
Sequential momentum: Each successful raise made the next one faster and more efficient
Mission alignment: Community investors who use the product daily bring passion beyond capital
Blended capital strategy: VC for large checks and strategic guidance, community for validation and distribution, each making the other more valuable
Accessible investment minimums: Average investment of $2,452 showed they made ownership truly accessible
Repeat engagement: Many investors participated in multiple rounds, showing sustained confidence
Platform reliability: DealMaker's technology enabled three flawless campaigns with zero technical issues

            

The Future of Mental Wellness

With over $6M in community capital complementing their VC funding, Aura Health is expanding their platform to serve more people seeking mental wellness support:

                Product Development: Enhancing AI-powered personalization to deliver the right content at the right time for each user's unique mental health journey
Content Expansion: Growing their library of meditations, sleep stories, CBT exercises, and life coaching content with input from investor-users
Partnership Growth: Building relationships with employers, healthcare providers, and wellness platforms
Global Reach: Expanding internationally to bring mental wellness to millions more people
Research & Validation: Investing in clinical studies to validate effectiveness and improve outcomes

            

The impact extends beyond capital raised:

                For Aura Health: Building an army of 2,600+ investor-advocates who actively promote the app and provide ongoing product feedback
For Investors: Access to a high-growth health tech company making a real difference in people's lives, with VC validation and community momentum
For Users: Knowing the app is backed by both respected VCs and a community that believes in mental wellness for all
For the Industry: Proving that health tech can thrive with a blended capital approach. VC and community capital working together, not in competition

            

Conclusion

"Mental wellness is deeply personal. Having investors who are also users creates an authentic feedback loop that makes our product better. These aren't just investors. They're partners in our mission to make mental health support accessible to everyone, everywhere."

— Steve Lee, Co-founder & CEO, Aura Health

Ready to Build Your Community of Investors?

Whether you're in health tech, consumer products, or any other sector, DealMaker gives you the infrastructure to raise capital from investors who believe in your mission. Join companies like Aura Health in building a blended capital strategy that combines the best of institutional and community funding.

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