Funding round
BetterUp Series D
BetterUp, which works in AI-Powered human transformation solutions in Austin, raised $125M in a Series D round announced on 1 Mar 2021, led by ICONIQ Growth, at a $1.73B post-money valuation. 7 firms took part. It is BetterUp's fourth venture round on record; the one before was a Series C in Jun 2019.
$125M
Amount raised
$1.73B
Post-money valuation
7
Investors
1 lead
14x
Step-up from the Series B
$125M in Mar 2018
7.2%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced BetterUp at $1.73B after the new money, 13.8 times the $125M of its Series B (Mar 2018). The $125M bought investors about 7.2% of the company. It came 21 months after BetterUp's Series C. It is 22% of the $567M BetterUp has raised in the venture rounds on record. BetterUp raised again 7 months later: a Series E round of $300M in Oct 2021, at $4.70B 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 12 Jun 2019, led by Lightspeed Venture Partners $103M
- Series D this round 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
ICONIQ Growth led the round with 6 other firms.
Lead investor
- ICONIQ Growth new investor
Also in the round
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
- backs 60 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- Salesforce Ventures backs 314 venture-backed companies new investor
- Sapphire Ventures backs 148 venture-backed companies new investor
- Mubadala Capital backs 61 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development and scaling operations.
- Product development
- Scaling operations
Comparable rounds
How it compares
8 Series D rounds in Professional & Management Training within a year either side disclosed an amount; the median was $90M, and this round was 1.4 times the median. The closest in time, other companies' Series D rounds in Professional & Management Training:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Professional & Management Training | 13 Apr 2021 | $153M | $1.40B | Sapphire Ventures and Riverwood Capital |
| Professional & Management Training | 21 Apr 2021 | $45M | not disclosed | OMERS Growth Equity |
| Professional & Management Training | 19 Jul 2021 | $200M | $1.00B | SoftBank Vision Fund and Airtree |
| Professional & Management Training | 25 Aug 2021 | $6.4M | not disclosed | Bonds Investment Group |
| Emeritus Professional & Management Training | 31 Aug 2020 | $113M | $800M | Leeds Illuminate and Prosus Ventures |
| Professional & Management Training | 10 Aug 2020 | $66M | not disclosed | OMERS Growth Equity |
| Professional & Management Training | 27 Jan 2022 | $110M | $1.30B | Zeev Ventures |
| Professional & Management Training | 29 Mar 2022 | $70M | $570M | Alpha Wave Global and Tiger Global |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did BetterUp raise in its Series D round?
BetterUp raised $125M in its Series D round, announced in Mar 2021.
Who led BetterUp's Series D round?
ICONIQ Growth led it, with Lightspeed Venture Partners, Threshold, PLUS Capital, Salesforce Ventures and Sapphire Ventures and 1 more.
What was BetterUp's valuation at the Series D round?
$1.73B post-money.
How does it compare with other Series D rounds in Professional & Management Training?
8 Series D rounds in Professional & Management Training within a year either side disclosed an amount; the median was $90M, and this round was 1.4 times the median.
Did BetterUp raise again after this round?
Yes: a Series E round in Oct 2021 of $300M at $4.70B post-money.