BetterUp raises $300m in Series E funding round
BetterUp, the inventor of virtual professional coaching, mental fitness, and human transformation for the enterprise, has announced the close of its $300 million Series E fundraise.
This round brings the company’s valuation to $4.7bn and total funding to $600m, making BetterUp one of the largest mental health and coaching companies in the world.
The round also closely follows BetterUp’s $125m Series D in February 2021, and over-achieving an aggressive 2x growth plan in the first half of the fiscal year. Wellington Management, ICONIQ Growth, and Lightspeed Venture Partners led the round with participation from existing investors Salesforce Ventures and Mubadala Investment Company, also customers of BetterUp, along with Sapphire Ventures, Morningside Group, SV Angel, and PLUS Capital.
“We are in the midst of the great global awakening surrounding hybrid work, mental health and well-being, and diversity and inclusion,” said Alexi Robichaux, CEO and co-founder, BetterUp™. “Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it’s clear that every organisation and every employee critically need support, growth, and transformation. From leadership and career development to mental fitness, connection, and belonging, customers are increasingly turning to BetterUp to support the most important part of their business—their people—in the most profound way possible: by focusing on their whole person growth and development, including their behaviours, skills, and mindsets. This funding will continue to accelerate our mission to bring the most comprehensive and powerful suite of tools to individuals and help them thrive in their roles, unlock their peak performance, and live with purpose and clarity.”
BetterUp has also grown its coaching network to over 3,000 coaches, expanded the number of behavioural scientists by 50 percent, doubled corporate employee headcount to over 500, and today serves more than 380 enterprise businesses including Hilton, Salesforce, bp, NASA, Chevron, and Snap Inc. BetterUp has also expanded its leadership team with the hiring of Prince Harry, Duke of Sussex, as Chief Impact Officer, Tom Van Gilder MD, JD, MPH as the company’s first Chief Medical Officer and Omar Dawood MD, MPH, MBA as President of BetterUp Care™ to continue to provide mental fitness support to the members and organizations BetterUp™ works with around the world.