Funding for Faith-Based Apps Soared in 2021, Attracting $175 Million in Financial Support
Faith-based apps have increased in popularity over the past few years and are gaining millions in funding as more people turn to them for guidance and spiritual growth.
According to PitchBook Data, funding for religious apps, primarily Christian, increased from $6.1 million in 2016 to $48.5 million in 2020 and then $175.3 million in 2021.
Many spiritual apps offer users biblical meditations, audio Bible passages, and Christian music. Some require a subscription plan while others are free.
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Hallow, a Catholic prayer and meditation app, raised $50 million this year. CEO and Co-founder Alex Jones says it's serving as a resource to help "more folks find peace in God."
Glorify, a similar app that makes it easier for Christians to connect with God on a regular basis, received $40 million in funding this year.
CBN News previously reported that the daily devotional and wellbeing resource received support from an atypical string of celebrities including Michael Bublé, Kris Jenner, Michael Ovitz, and Jason Derulo. It's also received support from folks you might expect, like Priscilla Shirer, Sadie Robertson Huff, Korie Robertson, and Pastor Samuel Rodriguez.
It's been quite the year here at Glorify HQ As if building a community of over 1.8 million users wasn't enough, we've just announced an amazing $40m raised in Series A funding.https://t.co/EWkGH1Nl3R pic.twitter.com/ilytDbONi7
— Glorify (@glorify_app) December 2, 2021
The mobile Bible platform, YouVersion, also allows users to pair daily passages from the Bible with audio, video or devotional content.
Bobby Gruenewald, YouVersion's founder, explained it's all part of the company's plan to make it easier for users to get into the Word of God.
"We spend a lot of time thinking about how to make it easier for our community to do what they say they want to do, which is read the Bible more," Gruenewald said.
Connie Chan, a general partner at Andreessen Horowitz who has invested in Glorify, told The Wall Street Journal she's been following the industry for years.
"One thing that I've always thought deeply about is how do I find investments that are tied to what people deem to be a core part of their identity," Chan said. "When you look at these communities that people strongly identify with, that's where they spend most of their time. That's where you get longer-term retention."
She says faith-based apps strive to reach Christians in their faith journey by allowing them build and strengthen their daily spiritual habits.
"The experience can make all the difference in motivating someone to tune into their faith and have a moment for mindfulness," Chan added.
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