Startup Idea and Innovation of BetterUp
BetterUp [1] is an online self-improvement platform where individuals can hone and develop skills to boost their performance. It deals with different aspects of working individuals including their career, mental health, inclusion, and leadership development.
It gives users a platform where they can learn more about their professional and personal profile, which the AI system uses to come up with a list of three suitable coaches that can help them achieve their goals. It leverages technology to provide coaching, individual transformation, and organizational growth.
The company offers personal coaching, services for organizations, and coaching for employees. It also offers digital learning programs for microlearning, as well as business solutions such as Growth & Transformation, BetterUp Care, Diversity & Inclusion, and Sales Performance.
Startup Timeline and History of BetterUp
- 2011 – The company was founded by Alexi Robichaux and Eduardo Medina. It received a grant as a startup.
- 2016 – It participated in seed and later-stage Series A rounds, and obtained a patent for its virtual coaching platform.
- 2018 – It obtained funding during the Series B round.
- 2019 – It participated in the Series C round where it acquired millions in funding.
- 2020 – BetterUp filed four patents, which are still pending.
- 2021 – The Duke of Sussex Prince Harry joined the company. It also went through the Series E and D rounds.
Founder and Key People
- Alexi Robichaux
Alexi Robichaux is a co-founder of BetterUp. He became the CEO in 2013 until the present. In the past, he worked in the Business Insight and Improvement section of The Walt Disney Company. His work history also includes working at The Glenroe Group, Socialcast, and VMware.
He graduated from the University of Southern California with a Bachelor’s degree in Political Science, as well as Public and Non-Profit Management. He also co-founded Youth leadership America in 2003.
- Eduardo Medina
Eduardo Medina co-founded BetterUp and is currently its COO. His experience includes working as an Associate Consultant at Bain & Company, Associate at Altamont Capital Partners, and Growth Consultant at Envision Schools.
He obtained a Bachelor’s degree in Business from the University of Southern California. He also started working toward a Master of Business Administration at the University of California, Berkeley, Haas, School of Business.
- Prince Harry
Prince Harry joined BetterUp as the CIO in March 2021. He is a humanitarian, mental wellness advocate, military veteran, and environmentalist. He co-founded the non-profit foundation Archewell, along with the Duchess of Sussex Meghan Markle.
Funding Sources and Financial Profile
The company was able to obtain total funding of $566.9 million, through various funding rounds and acquisitions. Its very first funding was through a grant in 2016 amounting to $2.9 million, followed by a Series A round involving $10 million.
Over the next years, it participated in Series B, C, D, and E. Its largest capital was acquired in the most recent round (Series E) led by ICONIQ Growth, Lightspeed Venture Partners, and Wellington Management, which helped it get $300 million.
Major Competitors
- Everwise – https://www.geteverwise.com/
- Pluma – https://www.pluma.co/
- SpringPeople – https://www.springpeople.com/
- LEORON Professional Development Institute – https://www.leoron.com/
Useful Links
References:
[2] https://pitchbook.com/profiles/company/122189-05#timeline
[3] https://www.linkedin.com/in/alexirobichaux/
[4] https://www.linkedin.com/in/eddiemedina/
[5] https://www.betterup.com/about-us/leadership-team/prince-harry-the-duke-of-sussex?hsLang=en
[6] https://www.crunchbase.com/organization/betterup/company_financials
