- BetterUp — a company that focuses on democratizing coaching across the enterprise — announced it has raised $125 million in Series D funding.
BetterUp — a company that focuses on democratizing coaching across the enterprise — announced it has raised $125 million in Series D funding. This brings the company valuation to $1.73 billion. This latest funding round was led by ICONIQ Growth with participation by existing investors, Lightspeed Venture Partners, Threshold Ventures, and Plus Capital, and by new investors, Salesforce Ventures, Sapphire Ventures, and Mubadala Capital.
BetterUp — a global leader in mobile-based coaching, counseling, and mentorship — is considered an all-in-one platform that combines behavioral science, AI technology, and human interaction to optimize personal growth and professional development in support of a person’s whole health, at work and in life. With 8 years of data in the employee development and coaching space, BetterUp has proven that individual performance and organizational growth begins with company leadership taking a proactive and holistic approach to the health, happiness, and resilience of employees.
Since being founded in 2013, BetterUp has built the world’s largest coaching network of over 2,000 coaches, has grown its team to 270+ employees, and serves more than 300 enterprise businesses including Hilton, NASA, Chevron, Mars, Genentech, Snap, and Warner Media. And in the past year, BetterUp more than doubled its annual recurring revenue, grew its entire customer base by 80 percent, and recorded a net revenue retention rate of over 140%. BetterUp has also served over 100,000 members to-date, and the number of coaching sessions has more than doubled year-over-year, as demand for investing in employee well-being and development grew significantly.
This funding round will accelerate BetterUp’s innovation roadmap and continue to fuel new products, the latest of which is BetterUp Care — an integrated mental fitness offering that includes enterprise-wide access to coaching with behavioral health specialists, curated content, on-demand support, parenting specialists, nutrition specialists, sleep specialists, group coaching, and digital learning. And with a total of $300 million in venture financing and based on years of data collected from its coaching experiences, BetterUp is positioned to provide the most comprehensive and personalized employee experience that drives not only well-being, but also growth and peak performance.
BetterUp Care helps employees not only adapt and problem solve when faced with change and uncertainty, but also thrive in their personal and professional lives. And BetterUp has found that a combination of coaching, counseling, and mental health support improves psychological and emotional health, leading to a 77% reduction in stress, 35% decrease in burnout, 75% increase in improved nutrition, and enhances sleep habits and feelings of rest by 2.4x — which in turn enhances cognitive and emotional function. This proactive and long-term approach to individual growth also leads to enterprise-wide impact as organizations that grew the most in resilience, saw 3x higher year-over-year revenue growth.
BetterUp’s Science Board is backed by leading researchers across the fields of positive psychology and human performance, including Adam Grant, Martin Seligman, Shawn Achor, Josh Bersin, Robin Ely, and Quinetta Roberson.
“Since the very beginning, BetterUp has designed and built our products around the whole person — the vital intersection of well-being and human performance. By investing in their employees’ growth, our customers have seen measurable behavior change in their cultures and significant outcomes across their businesses. With the addition of Care, we can extend this impact to organizations who recognize mental fitness as the biggest lever in helping people thrive through change. We’re excited to partner with progressive companies to supercharge their entire workforce, from whole person to whole organization.”
— Alexi Robichaux, CEO and co-founder of BetterUp
“As the pioneer and global leader of professional coaching at scale, BetterUp provides the most comprehensive platform for human growth that meets the full spectrum of needs for enterprises of all sizes. With the category’s most experienced team and advanced platform informed by years of data, BetterUp uniquely connects individual growth to organizational performance, helping advance the development and well-being of companies and their cultures.”
— Doug Pepper, General Partner at ICONIQ Growth
“We’ve partnered with BetterUp for over three years and have seen tremendous growth in resilience, leadership effectiveness, and well-being. During the pandemic, we opened up access to all managers, to give them the support they need in this time of remarkable transformation. Over 3,000 of our people leaders have participated in BetterUp, with 73% reporting an amazing or life-changing experience. With BetterUp Care, we look forward to offering all employees the opportunity to thrive.”
— Angela McKenna, SVP, Talent Experience at Salesforce