CoachHub, a Berlin, Germany-based digital coaching platform, secured $30 million (approx. €25 million) in funding.
The round, which brings the total funds raised to $50m following the company’s $20m funding round in late 2019, was led by new investor Draper Esprit, with participation from existing investors HV Capital, Partech, Speedinvest, signals Venture Capital and RTP Global.
The company will use the new funds to accelerate its growth in the digital coaching market, with plans to add 1000 coaches to its network and make 120 new hires across Europe, Asia and the US, which would bring the team to 300.
Founded in 2018 by brothers Yannis and Matti Niebelschuetz, CoachHub uses AI to match individuals to business coaches. Companies can invite employees to join the digital coaching platform, where an AI-based matching system recommends three business coaches who meet the individual requirements of the employee. Coach and coachee communicate directly via the app on smartphone or desktop. Coaching typically takes place via bi-weekly video calls, and e-learning assignments are available for personal development. Employees have access to their coach via an integrated chat function. Coaches cover a range of disciplines, including time and stress management, resilience and leadership skills while remote working.
In just two years the team has created a global network of more than 1000 certified coaches across six continents.
The company also has plans to develop its think tank “Coaching Lab”, which uses machine learning technology and business intelligence to drive behaviour research and development in the field of coaching. It also offers expert contributions and tools to support the development of employees. Members of the Coaching Lab include some of the leading European professors, psychologists, coaches, researchers and learning experts, and partners include leading institutions, such as the British Psychological Society, Henley Business School and Harvard Business Publishing.
The company serves clients ranging from large corporations, such as Generali and Bosch Rexroth, to tech startups like SoundCloud and HelloFresh. Most recently it signed up BNP Paribas and SumUp.