Mubadala-backed mental health startup BetterUp is valued at nearly $5 billion after a funding round
based in the United States BetterUpAbu Dhabi’s Mubadala Investment Company raised $300 million in a delayed funding round, bringing the mental health startup’s value to $4.7 billion, as the COVID-19 pandemic fuels demand for mental health services. The company said.
The California-based company’s funding round was led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners. Friday statement. Also participating in the latest round were current investors Mubadala Investment Company, Salesforce Ventures, Sapphire Ventures, Morningside Group, SV Angel and Plus Capital.
“We are in the midst of a great global awakening surrounding hybrid work, mental health and well-being, and diversity and inclusion. This funding will continue to accelerate our business,” said Alexei Robichaux, CEO and co-founder of BetterUp. And unleashing their peak performance, living with purpose and clarity.”
Funding comes before World Mental Health Day Sunday. The Covid-19 pandemic has shaken up work culture, with millions of employees working remotely, resulting in a radically different workplace landscape and a greater need to focus on supporting people’s mental health. This year, the focus of World Mental Health Day will be on increasing access to quality mental health care.
The world is failing to provide people with the mental health services they need, at a time when the COVID-19 pandemic is highlighting the growing need for mental health support, according to the World Health Organization. The World Health Organization concludes in its new Mental Health Atlas report that the growing demand for mental health services, which has become even more acute during the Covid-19 crisis, has not been met with sufficient levels of investment, resulting in a “disappointing” deficit.
“We must be vigilant and act on this wake-up call and dramatically accelerate the expansion of investment in mental health, because there is no health without mental health,” said Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization.
BetterUp, which Prince Harry hired in the UK To become Chief Impact Officer on March 23, provides training and mental health services online using artificial intelligence technology and behavioral sciences. Founded in 2013, BetterUp’s parent clients include Alphabet, Hilton, Warner Bros, Airbnb, Lyft, Nasa, Snap, Chevron and Salesforce, According to its website.
The Silicon Valley startup will use the money to drive new product innovation that will “democratize training” for hundreds of thousands of employees in organizations, regardless of their position or level, the report says. The funding will also drive BetterUp’s international growth, having recently opened new offices in Munich, London and Amsterdam.
The latest funding round brings the company’s total investment to $600 million. It also comes after a Series D round in February when the company raised $125 million and was valued at $1.7 billion at the time.
“The pressure has never been greater on our global workforce, and as we collectively redefine the workplace, it is clear that every organization and every employee is in dire need of support, growth and transformation,” said Mr.
With a network of more than 3,000 coaches, BetterUp provides training in 46 languages in over 90 countries, to more than 380 companies.
Brent Haider, President and Chief Personnel Officer at Salesforce, who is also a BetterUp customer, said.
“At BetterUp, we have found a partner that will allow teams around the world to navigate uncertainty and work remotely and in virtual environments.”
Updated: October 9, 2021, 9:07 a.m.