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Reports surfaced on May 10 that Wondermind, the mental health startup co-founded by Selena Gomez and her mother Mandy Teefey, recently faced a cash crunch resulting in delayed paychecks for employees and overdue payments to freelancers and vendors.
Mandy Teefey, who serves as Wondermind’s CEO, was reported by Forbes to have taken out a personal home loan to cover some company debts. However, a source close to the family clarified to PEOPLE that Teefey’s loan was an investment in the company’s future, not specifically to cover salaries. The source emphasized Selena’s ongoing financial commitment, noting she has invested millions into Wondermind over the years and immediately contributed more funds once she learned of the recent setback.
A Wondermind spokesperson told Forbes the issue has been addressed and all outstanding payments were expected to be completed by May 12. The company described these difficulties as typical startup “growing pains” and assured that it will soon enter a new phase focused on advancing its mental fitness mission, which serves hundreds of thousands of people.
Founded in late 2021 by Gomez, Teefey, and Newsette founder Daniella Pierson, Wondermind aims to foster open, stigma-free conversations around mental health through newsletters, essays, and podcasts. The company raised $5 million in funding in 2022 at a $100 million valuation.
Despite some employee claims that Gomez rarely engaged directly with the team, a spokesperson refuted this, and Gomez herself previously credited her mother with inspiring her involvement and advocacy in mental health.