Wondermind investors sue, alleging a promised app and bank partnerships never existed

Wondermind Global Inc. was started in 2021 by singer Selena Gomez, her mother Mandy Teefey and Newsette founder Daniella Pierson, focusing on 'mental fitness' routines. In a 2022 early-stage round it raised $5 million, including from Serena Williams's venture fund, Lightspeed Venture Partners and Sequoia Capital. The round included $1.2 million from five individuals, among them former Allergan CEO Brent Saunders.

On 13 August 2026 those five investors sued Gomez, Teefey and Pierson in Delaware federal court. Fortune reported their complaint says Wondermind claimed a $95 million valuation, was pitched with the promise of Gomez's reach of more than 500 million social-media followers, and falsely claimed institutional partnerships with JPMorgan Chase and Fidelity. They allege the app was never built, the revenue initiatives never materialised, and none of the founders told investors for three years while the company collapsed.

The complaint says Gomez ignored her obligations as chief impact officer and head of marketing partly because of her 'long-running personal struggles' with her mother. The investors say they learned of the distress from a September 2025 article in The Cut. These are allegations by the plaintiffs; the defendants had not responded to Fortune's requests for comment.

The five plaintiffs invested $1.2M of a $5M round; the startup collapsed in 2025 and they seek to recoup their money. Nothing has been proven in court.

The plaintiffs allege the company's value rested on Gomez promoting it to her large following, and that she did not.

They allege Wondermind claimed JPMorgan Chase and Fidelity partnerships and revenue deals that did not exist.

They say the founders did not tell minority investors, who had limited information rights, that the company was failing.

They allege the app was never built.

A celebrity audience is not a business. Investors should ask for signed partnerships and shipped product, and founders owe them news when a company fails.

The five investors are seeking to recoup what they put in. Fortune says the company collapsed in 2025. The defendants did not immediately respond to requests for comment, and the claims have not been tested in court.