BetterUp announced a $125 million Series D for its coaching marketplace focused on mental wellness. This brings its total amount raised to $269.8 million and increased its valuation to $1.73 billion, making it the latest HR technology unicorn. In its announcement, they claim to have 300 customers, representing 80% YOY growth. They also make a play as a mental wellness platform by providing coaching and content across the mental health at work spectrum for employees. Customers’ employees get “access to curated digital content, on-demand support, Coaching Circles, and the right mix of Care Coaches who specialize in behavioral health, parenting, nutrition, sleep, diversity and inclusion, and resilience.”
BetterUp delivers one-to-one coaching, available on-demand 24/7 via a global marketplace, to improve leadership skills like resilience, growth mindset, creativity, and collaboration, and drive new ways of leading and a new performance level. By concentrating on the whole person and enabling each worker to be better, BetterUp aims to transform organizations from the inside out.
BetterUp is the second mental wellness at work app to announce VC funding with valuations in the “unicorn range” so far in 2021. Modern Health also announced a Series D and $1.17 billion valuation in February 2021.
The HRFederation 2020 HCM Trends Report called out the maturity of employee total wellbeing. Learn more about the trend there.
In 2020, $485 million was invested in HR tech focused on wellness. Get the full report on global HR technology investment in 2020, here.