These pre-IPO Googlers launched a corporate coaching startup based on their experience at the company. Check out the 21-slide deck BetterManager used to raise $16 million.
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- San Francisco-based BetterManager has raised $16 million from Education Growth Partners.
- The startup provides corporate coaching to help employees with their career development.
- Check out the 21-slide deck used to raise the fresh funds.
A startup that provides corporate coaching services for employees to accelerate their career development has just secured $16 million in Series A funding.
San Francisco-based BetterManager was launched in 2017 by a cohort of ex-Googlers, who wanted to use their experience at the Big Tech to help middle managers develop their leadership skills.
“We found that middle managers who did a lot of the pivotal work did not have access to coaching,” said cofounder Wendy Hanson, who is also an executive coach. “Now we look at new managers, but we also work with senior managers.”
The startup provides a range of leadership development services, including one-to-one coaching sessions, and group and management training for navigating everything from workplace conversations to career trajectories. Employees are also given access to online learning tools and assessments; after a set amount of coaching sessions, users can rate their experience, which helps BetterManager pinpoint how effective the experience has been.
When the startup launched before the pandemic, it was focused on catering to mid-level employees, because they were often overlooked in coaching programs. However, the shift to remote work was a boon for BetterManager, because it strengthened the demand for employee coaching services across all levels of expertise.
“We’re a virtual company, so we thought it was necessary to give all those people the support and meet their needs,” Hanson said. Now that workplaces are embracing hybrid working models, the startup is working to help employees adjust to this newfound model, and manage that balance.
Currently, it has over 100 coaches across the world, including India and Vietnam, and offers training sessions in 16 languages to cater to its global client base.
BetterManager works with the likes of NASA, Chegg, BMW, and Yelp, among others. It makes its money by partnering with companies and discussing their goals, as well as which services they would like to use. Some companies are more inclined towards short-term coaching sessions, while others want longer-term packages, which the startup is flexible in providing, Hanson said.
While many growth-stage edtech startups that cater to K-12 students have been in the midst of layoffs, BetterManager has seen sustained interest in its corporate learning services.
The Series A was led by Connecticut-based private equity firm Education Growth Partners, which has previously backed edtechs Tiger 21 and Kangarootime, with participation from existing backers Polar Capital Group.
BetterManager will use the fresh funds “judiciously”, said Hanson, adding that the capital will be deployed to build out the product and programming teams, and bulk up its marketing.
Check out the 21-slide deck used to raise the funds.