Funding round
BetterUp Series C
BetterUp, which works in AI-Powered human transformation solutions in Austin, raised $103M in a Series C round announced on 12 Jun 2019, led by Lightspeed Venture Partners. 6 firms took part. It is BetterUp's third venture round on record; the one before was a Series B in Mar 2018.
$103M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
BetterUp did not disclose a valuation in this round; its last disclosed one was $125M at the Series B (Mar 2018). It came 15 months after BetterUp's Series B. It is 18% of the $567M BetterUp has raised in the venture rounds on record. BetterUp raised again 21 months later: a Series D round of $125M in Mar 2021, at $1.73B post-money.
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 28 Mar 2018, led by Lightspeed Venture Partners $26M$125M post-money
- Series C this round 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 5 other firms.
Lead investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
Also in the round
- backs 60 venture-backed companies new investor
- backs 63 venture-backed companies new investor
- backs 116 venture-backed companies new investor
- backs 34 venture-backed companies new investor
- Silicon Valley Bank new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Professional & Management Training within a year either side disclosed an amount; the median was $34M, and this round was 3.0 times the median. The closest in time, other companies' Series C rounds in Professional & Management Training:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Emeritus Professional & Management Training | 10 Jan 2019 | $40M | not disclosed | Sequoia India |
| Professional & Management Training | 15 Jan 2019 | $20M | not disclosed | Jump Capital and Owl Ventures |
| Professional & Management Training | 2 Oct 2018 | $18M | not disclosed | ABS Capital |
| Professional & Management Training | 18 May 2020 | $40M | not disclosed | Madrona and SEEK |
| Guild Professional & Management Training | 25 Jul 2018 | $40M | not disclosed | Felicis |
| Professional & Management Training | 24 Jul 2018 | $28M | not disclosed | Union Square Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did BetterUp raise in its Series C round?
BetterUp raised $103M in its Series C round, announced in Jun 2019.
Who led BetterUp's Series C round?
Lightspeed Venture Partners led it, with Threshold, Freestyle VC, Crosslink Capital, Tenaya Capital and Silicon Valley Bank.
What was BetterUp's valuation at the Series C round?
It was not disclosed; its last disclosed one was $125M at the Series B (Mar 2018).
How does it compare with other Series C rounds in Professional & Management Training?
6 Series C rounds in Professional & Management Training within a year either side disclosed an amount; the median was $34M, and this round was 3.0 times the median.
Did BetterUp raise again after this round?
Yes: a Series D round in Mar 2021 of $125M at $1.73B post-money.