Mental HealthTech startup BetterUp raises $300 million at near $5 billion valuation

BetterUp, the inventor of virtual professional coaching and global leader in mental fitness and human transformation has announced a $300 million Series E fundraising, bringing the company’s valuation to $4.7 billion and total funding to $600 million, making it the largest mental health and coaching company in the world.

Founded in 2013, BetterUp is the inventor of virtual professional coaching, and the global leader in 1:1 and group coaching, counseling, and mentorship at scale. BetterUp combines world-class coaching with AI technology and behavioral science to deliver personalized behavior change and improve the well-being, adaptability, and effectiveness of the workforce.

At a time when the world is redefining the workplace altogether and mental well-being for employees is continuously at the forefront, BetterUp’s latest round of investment will fuel new product innovation to further democratize coaching and reach hundreds of thousands of individuals within an enterprise, no matter their position or level within the organization.

The funding will also propel BetterUp’s international growth, having most recently opened new offices in Munich, London, and Amsterdam, along with recent strategic acquisitions of advanced people experience platforms Motive and Impraise, announced last month.

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

Robichaux added, “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. This funding will continue to accelerate our mission to bring the most comprehensive and powerful suite of tools to individuals and help them thrive in their roles, unlock their peak performance, and live with purpose and clarity.”

In the last eight years and with over one million coaching sessions completed, BetterUp has proven that individual performance and organizational growth begin with company leadership taking a proactive approach to the health and resilience of their employees.

Developed by a team of world-leading researchers and PhDs across the fields of positive psychology and human performance, alongside best-in-class developers and data scientists, BetterUp enriches the understanding of human emotions.

The company has also grown its coaching network to over 3,000 coaches, expanded the number of behavioral scientists by 50 percent, doubled corporate employee headcount to over 500, and today serves more than 380 enterprise businesses including Hilton, Salesforce, bp, NASA, Chevron, and Snap Inc.

The company made news in March when it hired  Prince Harry as its chief impact officer.