US-based professional coaching services provider BetterUp received $300m on Friday in a series E round featuring enterprise software provider Salesforce’s corporate venturing unit, Salesforce Ventures, at a valuation of $4.7bn.
The round was co-led by Iconiq Growth, Wellington Management and Lightspeed Ventures and included Mubadala Investment Company, Sapphire Ventures, SV Angel, Morningside Group and Plus Capital. The company’s total funding now sits at $600m.
BetterUp’s online platform lets businesses provide one-on-one and group coaching, counselling and mentorship to their employees through an app that also monitors employee progress.
Salesforce Ventures also took part in BetterUp’s $125m series D round, which closed in February this year at a $1.7bn valuation. Iconiq Growth led that round and was also joined by Threshold Ventures, Lightspeed Venture Partners, Plus Capital, Mubadala Capital and Sapphire Ventures.
Lightspeed Ventures led a $103m series C round for the company in mid-2019 backed by fellow existing investors Freestyle Capital, Crosslink Capital and Threshold Ventures as well as Tenaya Capital and Silicon Valley Bank. Its earlier backers include SV Angel.
Alexi Robichaux, co-founder and chief executive of BetterUp, said: “We are in the midst of the great global awakening surrounding hybrid work, mental health and well-being, and diversity and inclusion.
“Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it is 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.”
