BetterUp opens UK offices and reaches $100m ARR
BetterUp, the first virtual coaching platform to democratise professional coaching across the entire business enterprise, announced today that it is expanding its investment in Europe with offices in London and Munich.
Global demand for scalable tools that strengthen mental fitness and support employee wellbeing and development has sky-rocketed over the last year. A recent peer-reviewed research study on the power of AI-enabled coaching may indicate why – showing its ability to improve psychological well-being while mitigating threats to mental health.
With Covid restrictions eased from 19th July, BetterUp is poised to support the UK’s economic recovery in a post-pandemic environment – investing in the local economy and hiring large, local teams – with its European headcount expected to reach 150 by the end of this year. It will also establish a presence in Germany, with representation in France, Benelux and Sweden in the next year.
With its offering already available in 46 languages and more than 90 countries, this official entrance into Europe will further solidify BetterUp’s stature as the most comprehensive and personalised enterprise employee experience in the world.
“This is the beginning of the next chapter of growth for BetterUp, and it comes at a time when the UK is on the threshold of significant change in how businesses engage with their vast talent base, following a year of turmoil,” comments Alexi Robichaux, CEO and co-founder of BetterUp.
“Although we have had an international presence since 2013, we are committing to a new level of investment in our customers, coaches and communities by establishing these two new offices in London and Munich. Not only will we be able to better support our enterprise partners and their teams, we’ll also be helping the individuals that fuel these workforces to unlock their full potential and achieve peak performance.”
Alexi adds: “With a sea change in career aspirations underway for great swathes of the British public, as people struggle to maintain wellbeing and perform at their best, there has never been a more significant time to invest in employee retention and support. While the benefit of professional coaching has long been the domain of C-suite executives, BetterUp is bringing that benefit to all employees – whatever their level, experience or sector.”
This commitment to global expansion follows the company surpassing $100 million in annual recurring revenue. This year BetterUp grew its entire customer base by more than 80 per cent, coaching sessions doubled year on year, and the company recorded a net revenue retention rate of more than 170 per cent. This momentum continued following BetterUp’s announcement of its $125 million Series D raise and $1.73 billion valuation in February 2021 and key leadership team additions, such as Prince Harry, The Duke of Sussex, as the company’s Chief Impact Officer.