Behavioral health coaching unicorn BetterUp lands $300M in Series E round

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Behavioral coaching unicorn BetterUp announced Friday it closed a $300 million Series E funding round, bringing the company’s valuation to $4.7 billion.

Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led the round, with participation from Salesforce Ventures, Mubadala Investment Company, Sapphire Ventures, Morningside Group, SV Angel and PLUS Capital.

The Series E comes months after the company raked in $125 million in Series D financing. BetterUp said this latest round brings its total raise to $600 million.

WHAT IT DOES

BetterUp provides coaching for businesses and individuals on topics like diversity and inclusion, parenting, nutrition and sleep. Its mental health offering, BetterUp Care, aims to improve work performance by developing resilience and mental fitness.

“We are in the midst of the great global awakening surrounding hybrid work, mental health and well-being, and diversity and inclusion,” CEO and cofounder Alexi Robichaux said in a statement.

“Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it’s clear that every organization and every employee critically needs 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 behaviors, skills and mindsets.”

WHAT IT’S FOR

The coaching startup said it will use the influx of capital to speed innovation so it can reach more workers at the organizations it works with. 

It also wants to develop more personalized solutions for specific workplace needs. 

MARKET SNAPSHOT

Last month, BetterUp acquired two data-focused software companies, Motive and Impraise, with plans to use the companies to boost its insights into human behavior. 

It also hired Dr. Omar Dawood to head up its mental health-focused BetterUp Care. 

Mental and behavioral health are big investment opportunities within digital health. Mental health remained the leading clinical area for investor bucks in Q3, pulling in $3.1 billion so far in 2021, according to Rock Health’s latest report.

Lyra Health, which provides digital behavioral health benefits, announced a $187 million Series E in January. 

In February, Modern Health, also focused on the employer space, raised $74 million in Series D funding just a few months after a $51 million Series C

Ginger, which announced plans to merge with meditation app Headspace in August, recently added behavioral health services geared toward teens and began offering a Spanish language program.



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