Mobile executive career coaching platform BetterUp announced $103 million in growth financing from a Series C funding round conducted by Lightspeed Venture Partners and with the help of Threshold Ventures, Freestyle Capital, Crosslink Capital, Tenaya Capital and Silicon Valley Bank.
This funding is believed to be the largest ever in the field of tech-enabled employee coaching, behavior change and wellness, according to a BetterUp press release posted today.
Based in San Francisco, BetterUp reportedly tripled in growth last year and has more than 100 enterprise customers, including Mars, Airbnb, Equinix, Instacart, Logitech and Workday. Including this latest financing, BetterUp has raised roughly $142 million since 2016. The company announced $12.9 million in funding from a Series A round in November that year and an additional $26 million from a Series B round in March 2018.
The funding will be put toward BetterUp’s international expansion, specifically to hire new employees and coaches and invest in new products and services that will allow companies to “intelligently scale personalized human development and support,” according to the release. BetterUp is also putting $20 million into developing evidence-based behavioral research through BetterUp Labs.
In the U.S., the personal coaching industry is worth $1 billion and growing, according to the U.S. Personal Coaching Market 2018 report.