Sunday 10 October 2021 5:31 pm

Mental health startup BetterUp trebles value to $4.7bn since hiring Prince Harry

Deputy night editor, City A.M.

BetterUp, the mental health startup which hired Prince Harry earlier this year, has raised $300m from investors, trebling its valuation to $4.7bn (£3.5bn) in just eight months.

The company’s recent funding round was led by Iconiq Capital – an investment fund who have managed Mark Zucherberg – Wellington Management and Lightspeed Venture Partners, The Sunday Times reported yesterday.

The San Francisco-based startup offers professional and personal coaching through its mobile app and counts Facebook, Google, and Nasa among its US clients.

After a booming business period during lockdown, where the pressures of at home working encouraged business take-up of the app, the firm is looking to expand globally and recently announced plans to open a London office.

Prince Harry, who said he wanted the app to encourage earlier mental health intervention, joined the firm as chief impact officer in March.

BetterUp was founded in 2013 and became a unicorn in February, when it was valued at $1.7bn. It has raised $600m in capital. Its existing investors include Mubadala, the Abu Dhabi sovereign wealth fund.