The funding of faith-based groups has increased at an unprecedented rate in 2021.
PitchBook Data stated that the funding of religious apps, which primarily focus on Christians, has increased from $6.1 million to $175.3 millions in 2016. The 2020 funding for religious apps was $48.5million.
Catholic prayer and meditation app Hallow raised $50 million in 2021. CEO and Co-founder Alex Jones said the app’s goal was to help “more folks find peace in God.”
Bobby Gruenewald, the founder of the mobile bible app YouVersion, said the app is all about connecting people with God’s word.
He said, “We spent a lot time thinking about ways to make it easy for our community” to read more of the Bible.
Glorify, a similar app raised more than $40 million in 2021.
Connie Chan (general partner, Andreessen Horowitz) told about her investment in Glorify. The Wall Street JournalThat she’s been watching the rise of religious apps over many years.
One thing that has always fascinated me is the question of how to find investments tied to core parts of people’s identities. These are the communities people spend their most time in. You can achieve long-term retention by staying in those communities.
Additionally, she said that apps based on faith can be used to help Christians grow their faith and develop spiritual habits.
Chan stated that “the experience can make all of the difference in motivating someone into tuning into their faith, and having a moment for mindfulness,”