Funding round
BetterUp Series E
BetterUp, which works in AI-Powered human transformation solutions in Austin, raised $300M in a Series E round announced on 8 Oct 2021, led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners, at a $4.70B post-money valuation. 9 firms took part, 5 of them already investors. It is BetterUp's fifth venture round on record; the one before was a Series D in Mar 2021.
$300M
Amount raised
$4.70B
Post-money valuation
9
Investors
3 leads
2.7x
Step-up from the Series D
$1.73B in Mar 2021
6.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced BetterUp at $4.70B after the new money, 2.7 times the $1.73B of its Series D (Mar 2021). The $300M bought investors about 6.4% of the company. It came 7 months after BetterUp's Series D. It is 53% of the $567M BetterUp has raised in the venture rounds on record. No later venture round is on record for BetterUp.
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 1 Mar 2021, led by ICONIQ Growth $125M$1.73B post-money
- Series E this round 8 Oct 2021, led by Wellington Management, ICONIQ Growth and Lightspeed Venture Partners $300M$4.70B post-money
Investors
Who put money in
Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led the round with 6 other firms. Wellington Management, ICONIQ Growth, Lightspeed Venture Partners and Salesforce Ventures and 1 more had backed BetterUp before.
Lead investors
- Wellington Management existing investor
- ICONIQ Growth existing investor
- Lightspeed Venture Partners backs 454 venture-backed companies existing investor
Also in the round
- Salesforce Ventures backs 314 venture-backed companies existing investor
- Mubadala backs 42 venture-backed companies existing investor
- Sapphire Ventures backs 148 venture-backed companies new investor
- Morningside Group new investor
- SV Angel backs 293 venture-backed companies new investor
- backs 15 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series E rounds in Professional & Management Training:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Emeritus Professional & Management Training | 12 Aug 2021 | $650M | $3.20B | Accel and SoftBank Vision Fund |
| Emeritus Professional & Management Training | 11 Aug 2021 | $650M | $3.20B | SoftBank Vision Fund and Accel |
| Guild Professional & Management Training | 2 Jun 2021 | $150M | $3.75B | General Catalyst |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did BetterUp raise in its Series E round?
BetterUp raised $300M in its Series E round, announced in Oct 2021.
Who led BetterUp's Series E round?
Wellington Management, ICONIQ Growth and Lightspeed Venture Partners led it, with Salesforce Ventures, Mubadala, Sapphire Ventures, Morningside Group and SV Angel and 1 more.
What was BetterUp's valuation at the Series E round?
$4.70B post-money.