BetterManager, a comprehensive leadership development platform, recently announced that it has raised $16 million in its Series A funding round.
The round was led by Education Growth Partners (EGP), a Connecticut-based investment firm dedicated to providing growth capital to proven education, workplace, and human development organizations offering compelling solutions to unmet needs, with participation from existing backer Polar Capital Group.
The San Francisco-based startup plans to use the funds to accelerate its efforts to scale its virtual leadership development solution.
BetterManager provides a comprehensive leadership development platform that prepares managers at every level to lead through an evidenced-based combination of virtual coaching, collaborative group learning models, practical e-learning tools, and actionable assessments. Since its founding in 2017, the company has supported the growth and development of people leaders–from new managers to senior executives–at over 200 organizations around the world.
Speaking about the company, Stephane Panier, BetterManager’s Co-Founder and CEO, said,
At BetterManager, it’s our mission to make thriving at work the norm. It’s always been true, but the past few years have proven beyond a doubt that people want and need a purpose at work that transcends their job description–whether it’s personal or professional growth, or a connection to something larger than themselves. Investing in the growth and success of your employees increases employee engagement, leading to improved customer experience, thereby driving organizational performance and resilience. But this way of doing business requires a new type of manager—a better manager—whose purpose is their team’s success.
John Topping, BetterManager’s President & COO, added,
All too often, people don’t get the support needed to become better leaders and better managers – especially mid-level employees. The most successful organizations understand that everyone deserves to learn and grow, and they reap the benefits of that understanding. They often experience higher retention rates, higher productivity, and improved business outcomes. Their employees are loyal because they feel valued as individuals.
With its comprehensive array of solutions, BetterManager is uniquely positioned to support the continued growth of people leaders at every level, said a statement.
Stefan Szanto of Education Growth Partners said,
BetterManager is a brilliant leadership development company anchored by world-class 1:1 coaching and training for all levels of management. Its highly integrated model has demonstrated consistently that it can enhance the quality of leadership across all levels of an organization, all as it improves retention of managers and their direct reports.
This investment is more than a transaction to us; it’s a partnership. BetterManager is a mission-driven company that was founded on and operates with social impact at its core. We couldn’t be more excited to work with Stephane, John, Wendy, and the team to continue making a meaningful and measurable difference in the way people, teams, and organizations everywhere work together and lead.
BetterManager said the raise comes on the heels of a sustained period of impressive growth. It claimed to have increased the diversity of its clients, maintained a high retention rate, and boosted its NPS score from 80 to 90 over the past years.