BetterUp Nets $300 Million to 'Democratize' Employee Coaching
Virtual professional coaching and mental fitness platform BetterUp announced it secured $300 million in funding last week.
Combining coaching with artificial intelligence technology and behavioral science, San Francisco-based Better Up gives companies access to 3,000 coaches in 46 languages across more than 90 countries along with interactive professional development content, analytics and real-time insights to track employee progress. According to BetterUp, more than 380 companies, including some of the Fortune 1000, are using the company's platform.
The company plans to use this latest funding round, a Series E that values the company at $4.7 billion, for product development and expanding its network of coaches to "further democratize coaching and reach hundreds of thousands of people within an enterprise, no matter their position or level within the organization," according to a press release statement.
“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, BetterUp CEO and co-founder in a statement. “Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it’s clear that every organization and every employee critically need support, growth and transformation."
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BetterUp’s product offerings include one-on-one, group and on-demand coaching on topics that span mental resilience and fitness, diversity and inclusion, parenting, nutrition and sleep. In September 2021, the company also acquired Motive and Impraise, two software companies that the company will use to extend its technology to support employee well-being. Terms of those deals were not disclosed. Motive is based in San Francisco and Impraise is headquartered in Amsterdam.
“BetterUp is in an exciting phase in expanding its category by uniquely innovating to meet the needs of global enterprises with its human transformation platform," said Doug Pepper, general partner at investor ICONIQ Growth, in a press release statement. "For the first time, organizations can connect leadership performance with proactive mental health and diversity and inclusion to holistically transform the employee experience and drive improvements in key business outcomes.”
This latest funding comes on the heels of the company’s $125 million Series D and $1.7B valuation in February 2021, with the most recent round of funding led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners. BetterUp customers include Hilton, Salesforce, NASA, Chevron and Snap Inc.