Caring about employee mental health is good for the bottom line. That’s the elevator pitch that San Francisco–based coaching startup BetterUp makes to its corporate customers. And so far, employers are listening. Companies including Lyft and Airbnb are among those who have paid to put over 100,000 workers through BetterUp’s professional and personal coaching, which helps employees parse issues from presenting in front of an audience to juggling work and life. In return, BetterUp says, it can deliver its customers quantifiable gains in productivity as their workforce’s overall mental state improves.
While studies have long shown that poor mental health can negatively impact job performance, the coronavirus pandemic was the catalyst that forced companies to put the issue higher up on the priority list—especially now, as they fight to find workers and keep current ones engaged. In early October, BetterUp CEO Alexi Robichaux said the company reached “well over” $100 million in annual recurring revenue, as investors bumped the company’s valuation to $4.7 billion in a Series E round of funding.
|No. of employees|
More than 500
Wellington Management, ICONIQ Growth, Lightspeed Venture Partners, Threshold Ventures, Salesforce Ventures, Mubadala Investment Co., Sapphire Ventures, Morningside Group, SV Angel, and PLUS Capital