BetterUp ™ Raises $ 300 Million Series E at $ 4.7 Billion Valuation, Making Company Largest Mental Health and Coaching Startup in the World

SAN FRANCISCO – (COMMERCIAL THREAD) –BetterUp™, the inventor of virtual professional coaching and a global leader in mental health and human transformation for business, today announced the closing of its $ 300 million Series E fundraiser. valuing the company at $ 4.7 billion and total funding at $ 600 million, making BetterUp the largest mental health and coaching company in the world. The cycle also closely follows BetterUp’s $ 125 million Series D in February 2021, and surpassed an aggressive 2x growth plan in the first half of the year. Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led the round with participation from existing investors Salesforce Ventures and Mubadala Investment Company, also clients of BetterUp, as well as Sapphire Ventures, Morningside Group, SV Angel and PLUS Capital.

At a time when the world is completely redefining the workplace and the mental well-being of employees is continually at the forefront, BetterUp’s latest round of investment will fuel new product innovation to further democratize coaching and reach new prospects. hundreds of thousands of individuals within a company, no matter their position or level within the organization. BetterUp ™ will expand its work with the world’s largest companies to deploy hyper-personalized solutions that support their workforce, such as BetterUp Care ™, its latest enterprise-wide offering that enables personal and professional growth through development of resilience and mental fitness. The products, which include 1: 1 and group coaching, and on-demand coaching on topics that cover diversity and inclusion, parenting, nutrition and sleep, all combine the most innovative combination of l industry of behavioral science, AI technology and human interaction for people and organizations to thrive. The funding will also propel BetterUp’s international growth, having recently opened new offices in Munich, London and Amsterdam, as well as the recent strategic acquisitions of the Advanced People Experience Platforms Motive and Unrefined, announced last month.

“We are in the midst of the great global awakening surrounding hybrid work, mental health and wellness, and diversity and inclusion,” said Alexi Robichaux, CEO and co-founder of BetterUp ™. “Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it is clear that every organization and every employee has a critical need for support, growth and transformation. From leadership and career development to mental health, connection and belonging, customers are increasingly looking to BetterUp to support the most important part of their business – their people – in the most ways. deep possible: by focusing on their whole person their growth and development, including their behaviors, skills and mindset. 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, unleash their peak performance, and live with purpose and clarity. ”

Over the past eight years and with over a million coaching sessions completed, BetterUp has proven that individual performance and organizational growth begins with a proactive approach by company leadership to the health and resilience of its people. employees. Developed by a team of world-renowned researchers and doctors in the fields of positive psychology and human performance, alongside top developers and data scientists, BetterUp ™ enriches the understanding of human emotion on a large scale.

“It’s rare to see a company engage in the continuous creation of categories, but that’s exactly what iconic companies do. And that’s why we’re so proud to lead another round of funding in BetterUp, ”said Doug Pepper, general partner at ICONIQ Growth. “As the inventor and pioneer of the democratization of coaching, BetterUp is in an exciting phase of expanding its category by uniquely innovating to meet the needs of global businesses with its Human Transformation Platform. For the first time, organizations can combine leadership performance with proactive mental health, diversity and inclusion to holistically transform the employee experience and improve key business results.

“What we’ve learned over the past year, in the midst of the workplace revolution, is that there is an ever-increasing demand for employee well-being and support,” said Brent Hyder, president and director of human resources at Salesforce. “In BetterUp, we found a partner who would allow teams around the world to navigate uncertainty, remote work and virtual environments. BetterUp has given us the ability to extend personalized care across the entire organization, which has been invaluable to the team’s peak productivity and performance.

This latest funding follows the company’s $ 125 million Series D and $ 1.7 billion valuation in February 2021. With this milestone, BetterUp ™ has increased its value sevenfold in seven months. The organization also grew its overall customer base by 80%, achieved a net revenue retention rate of over 170% and reached $ 100 million in annual recurring revenue in July of this year. BetterUp ™ has also expanded its coaching network to over 3,000 coaches, increased the number of behavior scientists by 50 percent, doubled the number of company employees to over 500 and now serves over 380. companies 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 providing mental health support to members and organizations with which BetterUp ™ works in the whole world.

About BetterUp

Founded in 2013, BetterUp ™ is the inventor of virtual professional coaching and the global leader in 1: 1 and group coaching, counseling and mentoring on a large scale. BetterUp combines world-class coaching with AI technology and behavioral science to bring about personalized behavior change and improve the well-being, adaptability and efficiency of the workforce. With the world’s largest network of more than 3,000 coaches, BetterUp offers coaching in 46 languages ​​in more than 90 countries, along with interactive professional development content, analytics and real-time insight to track the progress of students. employees. Used by more than 380 companies, including leading Fortune 1000 companies, BetterUp ™ drives transformational and sustainable behavior change, which translates into better business outcomes in all organizations and inspires professionals around the world to pursue their lives with greater clarity, purpose and passion. Investors include Wellington Management, ICONIQ Growth, Lightspeed Venture Partners, Threshold Ventures, Plus Capital, Salesforce Ventures, Sapphire Ventures, Mubadala Capital, Freestyle Capital, Crosslink Capital and Tenaya Capital. BetterUp’s Scientific Council is made up of leading researchers in the fields of positive psychology and human performance, including Martin Seligman, Adam Grant, Shawn Achor, and Quinetta Roberson. BetterUp ™ has been recognized in the Inc. 5000, Fortune’s Great Places to Work and People magazine’s Companies that Care. To learn more, visit www.betterup.com.

About Wellington Management

Tracing its history to 1928, Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted advisor to over 2,200 clients in over 65 countries. The company manages more than US $ 1.3 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers and other clients. As a private partnership whose sole activity is investment management, the company is able to align its long-term views and interests with those of its clients. The company offers comprehensive investment management capabilities that cover almost all segments of the global financial markets, including equities, fixed income, multi-asset, sustainable investing and alternative strategies. With more than 800 investment professionals located in offices around the world, Wellington combines in-depth multidisciplinary research resources with independent investment teams operating in an entrepreneurial ’boutique’ environment. For more information about the company or its approach to sustainable investing, please visit www.wellington.com Where www.wellington.com/en/durable-investing/.

About ICONIQ Growth

ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive impact and change globally. We are inspired by visionaries who define the future of their industries by creating corporate cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s dynamic ecosystem of founders, pioneers and business leaders with the goal of delivering tangible value and amplifying the success of our portfolio companies. , from the initial growth stage to the IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake , Sprinklr, Truckstop, Uber, Wolt and Zoom, among others. For more information and a full list of portfolio companies, please visit ICONIQGrowth.com.

About Lightspeed Venture Partners

Lightspeed Venture Partners is a multi-tier venture capital firm focused on accelerating innovations and disruptive trends in the corporate and consumer sectors. Over the past two decades, the Lightspeed team has supported hundreds of entrepreneurs and helped build over 400 businesses around the world, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, StitchFix, and GrubHub. Lightspeed and its affiliates currently manage $ 10.5 billion on the global Lightspeed platform, with professionals and investment advisors in Silicon Valley, Israel, India, China, Southeast Asia and in Europe. www.lsvp.com.