October 17, 2021

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Mental health startup BetterUp raises funds at near $5 billion valuation


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(Reuters) – BetterUp said on Friday it had raised $300 million in a late- stage funding round led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners, bringing the mental health startup’s valuation to nearly $5 billion.

The San Francisco-based company, which hired https://www.reuters.com/article/uk-britain-royals-harry-betterup-idUSKBN2BG383 Prince Harry as its chief impact officer in March, provides employee coaching and mental health assistance through its mobile app.

Existing investors including Abu Dhabi sovereign wealth fund Mubadala Investment Company, Salesforce.com Inc’s investment arm Salesforce Ventures, Sapphire Ventures and others also participated in the Series E round.

“We are in the midst of the great global awakening surrounding hybrid work, mental health and well-being… it’s clear that every organization and employee critically need support, growth and transformation,” Alexi Robichaux, co-founder and chief executive officer, said in a statement.

The current round follows BetterUp’s $125 million Series D round in February, which valued the company at $1.7 billion.

It counts high-profile names including Chevron Corp, Hilton Worldwide Holdings Inc, Snap Inc and NASA among its enterprise customers.

Founded in 2013, BetterUp has raised $600 million in capital so far and said the new funds would be used for international expansion and to drive new product innovation.

BetterUp has over 3,000 coaches on its platform and also provides analytics and real-time insights to help track employee progress. Its other offerings include one-on-one, sepcialist and on-demand coaching along with group sessions.

(Reporting by Sohini Podder in Bengaluru; Editing by Rashmi Aich)

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