Mubadala-backed mental health startup BetterUp raises $300mn for expansion

By Shilpa Annie Joseph, Official Reporter
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US-based health startup BetterUp, which is backed by Abu Dhabi’s Mubadala Investment Company, has raised $300 million in a Series E funding round to accelerate its international growth plans.

According to the company, this round brings its valuation to $4.7 billion and total funding to $600 million, making BetterUp the largest mental health and coaching company in the world. BetterUp provides employee coaching and mental health assistance through its mobile app.

The funding round was led by Wellington Management, ICONIQ Growth, and Lightspeed Venture Partners. Existing investors Mubadala Investment Company, Salesforce Ventures, Sapphire Ventures, Morningside Group, SV Angel, and Plus Capital also participated in the latest round.

The company said in a statement that the latest round of investment will fuel new product development “to further democratize coaching and reach hundreds of thousands of individuals within an enterprise, no matter their position or level within the organization.”

Alexi Robichaux
Alexi Robichaux
CEO & Co-Founder

“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.”

“As the inventor and pioneer of democratizing coaching, BetterUp is in an exciting phase in expanding its category by uniquely innovating to meet the needs of global enterprises with its human transformation platform. For the first time, organizations can connect leadership performance with proactive mental health and diversity & inclusion to holistically transform the employee experience and drive improvements in key business outcomes,” commented Mr. Doug Pepper, General Partner at ICONIQ Growth.

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