BetterManager, the industry’s top-rated and most comprehensive leadership development platform, today announced the completion of a $16 million Series A funding round.
The round was led by Education Growth Partners (“EGP”), a Stamford, Conn.-based investment firm dedicated to providing growth capital to proven education, workplace, and human development organizations offering compelling solutions to unmet needs. BetterManager’s seed funder, Polar Capital Group, also contributed to the round.
Since its founding in 2017, BetterManager has supported the growth and development of people leaders–from new managers to senior executives–at over 200 organizations around the world. Through a combination of 1:1 executive-level coaching, collaborative group learning models (e.g. group coaching and training), practical e-learning tools, and actionable assessments, the company has earned itself an industry-leading NPS score of 90.
“At BetterManager, it’s our mission to make thriving at work the norm,” said Stéphane Panier, BetterManager’s Co-Founder and CEO. “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.”
Amidst record turnover rates and the shift to hybrid work, it’s more critical than ever that employees feel supported, adequately trained and inspired. As a result, organizations are reexamining how well their L&D programs prepare managers to lead. Ranging from global enterprises to growth-stage companies, tech startups, universities and government agencies, organizations are increasingly turning to BetterManager as their trusted leadership development solution.
“All too often, people don’t get the support needed to become better leaders and better managers – especially mid-level employees,” said John Topping, BetterManager President and COO. “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.
“The journey to becoming a better leader never ends,” added Topping. “It’s a process that requires continuous learning and development over the course of one’s career, through various approaches, not just a one-and-done event or point solution. That’s why we expect our integrated, high-touch approach to manager development will only continue to gain traction.”
This growth milestone recognizes BetterManager’s unwavering commitment to the quality of its best-in-class global network of leadership coaches and trainers, all of whom boast 10-plus years of real-world management experience and continue to garner industry-leading feedback and results.
The raise comes on the heels of a sustained period of impressive growth, all while the company has increased the diversity of clients (achieving growth in 11 new verticals since 2017), maintained a high client retention rate, and boosted its NPS score (from 80 to 90).
“BetterManager is a brilliant leadership development company anchored by world-class 1:1 coaching and training for all levels of management,” said Stefan Szanto, Education Growth Partners. “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 Stéphane, 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.”
For more information, visit BetterManager.co.
BetterManager is a Silicon Valley-founded startup with a growing global presence that is poised to become the premier solution for organizations everywhere looking to develop their managers into leaders and grow their people into a source of sustainable competitive advantage.
About Education Growth Partners
Education Growth Partners (“EGP”) is an investment firm dedicated to providing growth capital to proven education, workplace, and human development companies offering compelling solutions to unmet needs. EGP’s extensive operating experience and investment expertise ensures that companies receive an infusion of highly strategic capital and insight that can accelerate reach, scale, and impact to create long-term value.
About Polar Capital Group
Polar Capital Group, LLC is a private investment vehicle for Tim Armstrong and his family that makes investments in early stage, technology, media, and consumer companies.