US-based professional coaching services provider BetterUp has received $125m in a series D round featuring Salesforce Ventures, the corporate venturing subsidiary of enterprise software provider Salesforce.
Iconiq Growth, a growth equity affiliate of investment firm Iconiq Capital, led the round, investing together with Lightspeed Venture Partners, Threshold Ventures, Plus Capital, Sapphire Ventures and Mubadala Capital.
Founded in 2013, BetterUp helps business provide their employees with professional coaching, counselling and mentorship through a mobile platform. Its offering also includes professional development content, analytics and the ability to track employee progress in real time.
The company has more than 300 business customers including US space agency NASA, oil producer Chevron and hotel and resort company Hilton.
The series D round values BetterUp at $1.73bn and will enable it to accelerate its plans for new products including a new mental fitness offering called BetterUp Care. It said it has now raised $300m of financing to date.
Lightspeed Venture Partners led BetterUp’s $103m series C round in June 2019, while financial services firm Silicon Valley Bank, Threshold Ventures, Freestyle Capital, Crosslink Capital and Tenaya Capital also participated.
BetterUp had previously collected $26m in a 2018 series B round also led by Lightspeed Venture Partners, which invested alongside Threshold Ventures (then DFJ), Freestyle Capital and Crosslink Capital.
The company raised $12.9m in a 2016 series A round led by DFJ Venture that included SV Angel, Freestyle Capital and undisclosed others. It is also backed by Ulu Ventures, Graph Ventures and Afore Capital as well as individual investors Pau Gasol and Shaun White.