Digital Employee Wellness Company BetterUp Raises $125 Million in Funding

BetterUp, a digital employee wellness coaching platform, raised $125 million in a Series D funding round, bringing the company’s valuation to $1.73 billion.

ICONIQ Growth led the latest financing with participation from existing investors, Lightspeed Venture Partners, Threshold Ventures, Plus Capital, and new investors, Salesforce Ventures, Sapphire Ventures, and Mubadala Capital.

Including the latest funding round, BetterUp has raised a total of $300 million to date. According to the company, the funds will accelerate the expansion of its BetterUp Care.

BetterUp Care is a mental fitness offering that includes enterprise-wide access to coaching with behavioral health specialists, curated content, on-demand support, parenting specialists, nutrition specialists, sleep specialists, group coaching, and digital learning.

“Since the very beginning, BetterUp has designed and built our products around the whole person – the vital intersection of well-being and human performance,” said Alexi Robichaux, CEO and co-founder of BetterUp.

“By investing in their employees’ growth, our customers have seen measurable behavior change in their cultures and significant outcomes across their businesses. With the addition of Care, we can extend this impact to organizations who recognize mental fitness as the biggest lever in helping people thrive through change. We’re excited to partner with progressive companies to supercharge their entire workforce, from whole person to whole organization.”

BetterUp offers mobile-based coaching, counseling, and mentorship services to employees through their employers. According to the company, its digital platform combines behavioral science, AI technology, and human interaction to optimize personal growth and professional development to support a person’s health at work.

Since its founding in 2013, BetterUp has built a coaching network of over 2,000 coaches and serves more than 300 enterprise businesses, including Hilton, NASA, Chevron, Mars, Genentech, Snap Inc., and Warner Media. The company has served over 100,000 members to-date according to the company.

“As companies continue to work from home, the role of the manager has grown considerably. They’re no longer just responsible for work and productivity – they’re also keeping company culture alive and serving as a lifeline to employees as they navigate the challenges of remote work,” said Angela McKenna, Senior Vice President of Talent Experience at Salesforce.

“We’ve worked with BetterUp for more than three years to help cultivate our future leaders. Their partnership has been particularly important over the past year in supporting our managers during this time of tremendous change – and helping their teams thrive.”