Total amount raised
$570 Millions
Latest funding date
Location
Title
BetterUp has successfully raised significant funding over multiple rounds, establishing itself as a key player in the coaching and personal development industry. The platform integrates coaching, science, and AI to enhance workplace performance and personal growth.
Keep reading to explore the intricacies of BetterUp's fundraising journey and the investors backing this innovative platform.
What Is BetterUp?
Founded in 2013, BetterUp is headquartered in San Francisco, California. The company was established by Alexi Robichaux and Eduardo Medina.
BetterUp offers a comprehensive coaching platform that integrates human coaching with AI to deliver personalized development and performance optimization for individuals and organizations.
With a mission to help everyone live with clarity, purpose, and passion, BetterUp has grown to employ over 1,000 people.
How Much Funding Has BetterUp Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's initial operations and product development.
- Seed Round
- Amount Raised: $2.9M
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A
- Amount Raised: $12.9M
- Date: November 2016
- Lead Investors: Threshold
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $26M
- Date: March 2018
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product offerings.
- Series C
- Amount Raised: $103M
- Date: June 2019
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technological infrastructure.
- Series D
- Amount Raised: $125M
- Date: February 2021
- Lead Investors: ICONIQ Growth
- Valuation at Round: $1.7 billion
- Motivation Behind the Round: To support exponential growth and strategic acquisitions.
- Series E
- Amount Raised: $300M
- Date: October 2021
- Lead Investors: Wellington Management, ICONIQ Growth, Lightspeed Venture Partners
- Valuation at Round: $4.7 billion
- Motivation Behind the Round: To fuel international expansion and product innovation.
- Venture Round
- Amount Raised: $214.7K
- Date: February 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operational needs and minor expansions.
BetterUp has raised a total of $570.9M with a current valuation of $4.7 billion.
Key Investors
- Wellington Management
- Details: Wellington Management is one of the world's largest independent investment management firms, managing over $1.3 trillion for various clients including pensions, endowments, and family offices.
- Investment Focus Areas: Equities, fixed income, multi-asset, sustainable investing, alternative strategies.
- Notable Investments: Airbnb, SpaceX, Robinhood.
- ICONIQ Growth
- Details: ICONIQ Growth partners with entrepreneurs and leaders driving global impact, leveraging ICONIQ Capital’s ecosystem of founders and business leaders.
- Investment Focus Areas: Technology, early growth stage to IPO, innovation.
- Notable Investments: Snowflake, Uber, Zoom.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a multi-stage venture capital firm focused on enterprise and consumer sectors, having backed over 400 companies globally.
- Investment Focus Areas: Enterprise technology, consumer, health sectors.
- Notable Investments: Snap, Affirm, MuleSoft.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies that extend the Salesforce ecosystem.
- Investment Focus Areas: Enterprise cloud, software companies.
- Notable Investments: Zoom, Dropbox, Twilio.
- Mubadala Investment Company
- Details: Mubadala Investment Company is a sovereign wealth fund from Abu Dhabi, investing in various sectors to create long-term value.
- Investment Focus Areas: Aerospace, ICT, healthcare, long-term value creation.
- Notable Investments: AMD, Waymo, SoftBank Vision Fund.
What's Next for BetterUp?
BetterUp stands at the cusp of significant opportunities, driven by the increasing demand for mental health and well-being solutions in the workplace. With $300 million in Series E funding, the company is poised to accelerate its international growth, innovate new products, and expand its reach within enterprises. The potential to democratize coaching and provide hyper-personalized solutions for workforce support is immense, especially as the company leverages AI technology and behavioral science.
Future fundraising opportunities appear promising, with the potential for additional funding rounds to support further expansion and innovation. However, BetterUp may face challenges such as competition from other mental health and coaching platforms, maintaining service quality as it scales, and navigating regulatory environments in different markets. Despite these hurdles, the company's strategic acquisitions and robust investor backing position it well for continued growth and success.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like BetterUp and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
