BetterUp, the company that pioneered mobile coaching to help all workers
live their lives with more clarity, purpose and passion, today announced
its Series C—$103 million in growth financing. BetterUp helps employees
flourish via one-to-one coaching, available on demand 24/7, to improve
leadership skills like resilience, growth mindset, creativity and
collaboration, and drive new ways of leading and a new level of
performance. By concentrating on the whole person and enabling each
worker to be a little bit better, BetterUp transforms entire
organizations from the inside out.
The funding—believed to be the largest ever in the burgeoning field of
tech-enabled employee coaching, behavior change and wellness—underscores
faith in BetterUp, which was first to market in this space and which is
now rapidly
being deployed by leading global, multinational organizations,
including Airbnb, Equinix, Instacart, Logitech, Mars, Symantec and
Workday. BetterUp tripled growth in 2018 for the second consecutive
year, and now has more than 100 enterprise customers.
The round was led by Lightspeed Venture Partners with participation from
Threshold Ventures (formerly DFJ Venture), Freestyle Capital, Crosslink
Capital, Tenaya Capital and Silicon Valley Bank.
“We are proud to be enabling innovative companies who recognize that
their biggest asset—their people—deserve an elevated employee experience
that speaks to who they are as whole persons, not just employees,” says
Alexi Robichaux, BetterUp CEO and co-founder. “By combining human
expertise, the latest advances in scientific research, and digital
technologies including AI and machine learning we’re delivering
unprecedented levels of personalized learning at scale. We’re
transforming people and workplaces in the only way that’s
sustainable—bottoms-up—one person at a time.”
The financing, which brings the company’s total raised to over $142
million, will fuel BetterUp’s international expansion, the hiring of new
employees and coaches, and development of new products and services that
enable companies to intelligently scale personalized human development
and support.
“BetterUp’s platform is designed to help people see and reach their
potential,” says Adam Grant, renowned organizational psychologist,
best-selling author and member of BetterUp’s Science Board. “People are
the heart of every workplace, and making them better makes the
organization better.”
More than $200 billion is spent annually on learning & development, but
only 10% of it is effective because so much of the learning is quickly
forgotten or doesn’t transfer to the workplace. With BetterUp’s
one-to-one personalized coaching, provided in the flow of work, clients
have seen results including a 26% jump in job performance, a 25%
increase in focus and a 15% reduction in burnout. Employee intent to
stay with one organization increased by over 63% with BetterUp coaching.
“BetterUp is the one company fundamentally investing in the most
important part of the future of work—human beings. No other company
drives measurable outcomes that change lives and workplaces,” says Will
Kohler of Lightspeed Ventures, which also led BetterUp’s Series B round.
“Its focus on driving change via human coaching—empowered and informed
by technological tools—is the winning recipe for true, personalized
human capital transformation and persistent behavior change.”
Along with its core coaching product, BetterUp last year expanded its
platform to offer on-demand coaching and an extended network of experts
to address such issues as public speaking, sleep and nutrition. BetterUp
is also funding $20 million in evidence-based behavioral research as
part of its commitment to the whole person, encompassing a holistic and
aspirational vision for human flourishing in every domain of life.
About BetterUp
Founded in 2013, BetterUp is a mobile-based leadership development
platform used by Fortune 500 companies. With a holistic, science-backed
methodology, BetterUp develops new behaviors and mindsets that enable
high performance amid constant and accelerating change. Through
on-demand, virtual coaching sessions, users practice and reinforce new
behaviors and skills. Individual growth is measured and tracked. With a
diverse range of customers, including Genentech, Logitech and Workday,
BetterUp inspires employees to build the skills to thrive personally and
professionally. To learn more, visit www.betterup.co
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