Funding round
BetterUp Series B
BetterUp, which works in AI-Powered human transformation solutions in Austin, raised $26M in a Series B round announced on 28 Mar 2018, led by Lightspeed Venture Partners, at a $125M post-money valuation. 4 firms took part. It is BetterUp's second venture round on record; the one before was a Series A in Nov 2016.
$26M
Amount raised
$125M
Post-money valuation
4
Investors
1 lead
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced BetterUp at $125M after the new money. The $26M bought investors about 21% of the company. It came 16 months after BetterUp's Series A. It is 4.6% of the $567M BetterUp has raised in the venture rounds on record. BetterUp raised again 15 months later: a Series C round of $103M in Jun 2019. Its next priced round, a Series D in Mar 2021, valued it at $1.73B.
BetterUp's funding rounds
BetterUp has 5 venture rounds on record. This one is highlighted.
- Series A 16 Nov 2016, led by dfj $13M
- Series B this round 28 Mar 2018, led by Lightspeed Venture Partners $26M$125M post-money
- Series C 12 Jun 2019, led by Lightspeed Venture Partners $103M
- Series D 1 Mar 2021, led by ICONIQ Growth $125M$1.73B post-money
- Series E 8 Oct 2021, led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners $300M$4.70B post-money
Investors
Who put money in
Lightspeed Venture Partners led the round with 3 other firms.
Lead investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
Also in the round
- backs 52 venture-backed companies new investor
- backs 63 venture-backed companies new investor
- backs 116 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Series B rounds in Professional & Management Training within a year either side disclosed an amount; the median was $16M, and this round was 1.6 times the median. The closest in time, other companies' Series B rounds in Professional & Management Training:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Professional & Management Training | 15 Feb 2018 | $32M | not disclosed | WestRiver Group and Boeing |
| Professional & Management Training | 16 May 2018 | $60M | not disclosed | General Atlantic |
| Professional & Management Training | 30 Jun 2018 | $5.3M | $47M | not named |
| Professional & Management Training | 28 Nov 2017 | $10M | not disclosed | Owl Ventures |
| Professional & Management Training | 23 Aug 2018 | $2.0M | not disclosed | CBA Capital |
| Guild Professional & Management Training | 6 Sep 2017 | $21M | not disclosed | Bessemer Venture Partners |
| Professional & Management Training | 27 Jul 2017 | $16M | not disclosed | NewSpring |
| Professional & Management Training | 4 Dec 2018 | $47M | not disclosed | Sageview Capital |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did BetterUp raise in its Series B round?
BetterUp raised $26M in its Series B round, announced in Mar 2018.
Who led BetterUp's Series B round?
Lightspeed Venture Partners led it, with dfj, Freestyle VC and Crosslink Capital.
What was BetterUp's valuation at the Series B round?
$125M post-money.
How does it compare with other Series B rounds in Professional & Management Training?
11 Series B rounds in Professional & Management Training within a year either side disclosed an amount; the median was $16M, and this round was 1.6 times the median.
Did BetterUp raise again after this round?
Yes: a Series C round in Jun 2019 of $103M.