BetterUp, the mental fitness coaching platform where Prince Harry is Chief Impact Officer, has announced the close of its $300 million Series E fundraise. This brings the unicorn’s valuation to $4.7 billion and total funding to $600 million, making the company the biggest player in the wellness sector – ahead of World Mental Health Day on 10 October.
The funding round follows a year of exponential growth for the startup, which has included new offices in Munich and London, the acquisition of technology-led people experiences platforms, Motive and Impraise, and the appointment of the Duke of Sussex to its leadership team.
The round also closely follows its $125 million Series D in February 2021, and over-achieving an aggressive 2x growth plan in the first half of the fiscal year.
The list of investors
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.
At a time when the world is redefining the workplace altogether and mental well-being for employees is continuously at the forefront, BetterUp’s latest round of investment will fuel new product innovation to further democratise coaching and reach hundreds of thousands of individuals within an enterprise, no matter their position or level within the organisation.
BetterUp Care roll out
Founded in 2013, the unicorn will expand upon its work with the world’s largest companies to deploy hyper-personalised solutions that support their workforces, such as BetterUp Care, its newest enterprise-wide offering that enables personal and professional growth through the development of resilience and mental fitness. The products, which include 1:1 and group coaching, and on-demand coaching on topics that span diversity and inclusion, parenting, nutrition, and sleep, all combine the industry’s most innovative combination of behavioural science, AI technology, and human interaction for people and organisations to thrive. The funding will also propel BetterUp’s international growth, having most recently opened new offices in Munich, London, and Amsterdam, along with recent strategic acquisitions of advanced people experience platforms Motive and Impraise, announced last month.
Honing resilience and mental fitness
“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.”
Over 1 million coaching sessions complete
In the last eight years and with over one million coaching sessions completed, BetterUp has proven that individual performance and organisational growth begin with company leadership taking a proactive approach to the health and resilience of their employees. Developed by a team of world leading researchers and PhDs across the fields of positive psychology and human performance, alongside best-in-class developers and data scientists, the mental health wellness startup enriches the understanding of human emotion at scale.
Human transformation platform
“It’s rare to see a company engage in continuous category creation, but that’s exactly what iconic companies do. And that’s why we’re so proud to lead another round of financing in BetterUp,” said Doug Pepper, general partner at ICONIQ Growth. “As the inventor and pioneer of democratising coaching, 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. For the first time, organisations can connect leadership performance with proactive mental health and diversity & inclusion to holistically transform the employee experience and drive improvements in key business outcomes.”
Ever-growing demand for employee well-being
“What the last year has taught us, in the midst of the workplace revolution, is that there is an ever-growing demand for employee well-being and support,” said Brent Hyder, President and Chief People Officer at Salesforce. “In BetterUp we found a partner that would allow teams across the world to navigate uncertainty, remote work and virtual environments. BetterUp gave us the ability to scale personalised care across the organisation, which has been invaluable to the team’s productivity and peak performance.”