Behavioral Coaching Unicorn BetterUp said on Friday it had 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 E-series comes months after the company raked $ 125 million in Series D funding. BetterUp said this latest round brings its total increase to $ 600 million.
WHAT HE DOES
BetterUp offers coaching to businesses and individuals on topics such as diversity and inclusion, parenting, nutrition and sleep. Its mental health offering, BetterUp Care, aims to improve performance at work by developing resilience and mental health.
“We are in the midst of the great global awakening surrounding hybrid work, mental health and wellness, and diversity and inclusion,” CEO and co-founder Alexi Robichaux said in a statement.
“Never has the pressure been greater on our global workforce, and as we collectively redefine the workplace, it is clear that every organization and every employee has a critical need for support, growth and transformation.
“From leadership and career development to mental fitness, connection and belonging, customers are increasingly looking to BetterUp to support the most important part of their business. – their people – in the deepest way possible: by focusing on the growth and development of their whole person, including their behaviors, skills and mindset.
WHY IT’S FOR
The coaching startup said it will use the influx of capital to accelerate innovation so it can reach more workers in the organizations it works with.
She also wants to develop more personalized solutions for specific needs in the workplace.
Last month BetterUp acquired two data-driven software companies, Motive and Impraise, with the intention of using these companies to improve its knowledge of human behavior.
This too hired Dr Omar Dawood to lead its BetterUp mental health focused care.
Mental and behavioral health are great investment opportunities in digital health. Mental health remained the top clinical area for investor money in the third quarter, attracting $ 3.1 billion so far in 2021, according to the latest report from Rock Health.
Lyra Health, which offers 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 months after a $ 51 million Series C.
ginger, which announced plans to merge with the Headspace meditation app in August, recently added behavioral health services for adolescents, and started offering a Spanish language program.