UAE's Mubadala-backed coaching start-up BetterUp raises $300mln

The latest funding takes the company's valuation to $4.7bln

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

Mubadala/ Handout via Zawya

Employee coaching service provider BetterUp, which is backed by Abu Dhabi's Mubadala Investment Company, said it raised $300 million, in a late-stage funding round.

This latest round of funding takes its valuation to $4.7 billion and total funding to $600 million.

The Series E funding round was led by Wellington Management, ICONIQ Growth, and Lightspeed Venture Partners. Existing investors Salesforce Ventures and Mubadala Investment Company, Sapphire Ventures, Morningside Group, SV Angel, and PLUS Capital also participated, the mental health company said in a statement on Friday.

This latest funding follows the company’s $125 million Series D and $1.7B valuation in February 2021, in which Mubadala Capital participated.  

Founded in 2013, San Francisco-based BetterUp provides mobile-based coaching, counseling and mentorship programs for employees of over 300 businesses including Chevron, Snap Inc and AT&T's Warner Media.

(Writing by Brinda Darasha; editing by Seban Scaria)

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© ZAWYA 2021

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