Digital coaching platform CoachHub has raised US$200 million in series C funding, part of which will be used to set a foothold in Singapore for its expansion into Asia Pacific.
CoachHub senior vice president for Asia Pacific Tim MacCartney / Photo credit: CoachHub
The round was led by Sofina and SoftBank Vision Fund 2, with existing investors Molten Ventures, SVB Capital, HV Capital, Signals Venture Capital, and Speedinvest also participating in the round. This brings the three-year-old startup’s total funds raised to US$330 million.
Tim MacCartney, CoachHub’s senior vice president for Asia Pacific, told Tech in Asia that the fresh funds will go to product development and scientific research into coaching.
While the company had recently acquired French coaching platform MoovOne and Austrian provider Klaiton Coaching, MacCartney did not have any startups in Asia Pacific earmarked for acquisition yet.
The company aims to double its regional staff by year-end from its current size of 50 employees. Globally, CoachHub plans to increase its headcount from 850 employees to more than 1,000 in the same period.
The company also works with 3,500 certified business coaches who deliver CoachHub’s programs through web- and mobile-based applications aimed at enhancing leadership skills, job performance, and satisfaction, which in turn improves employee retention. It uses AI to pair employees with their ideal coaches and to curate its library of content.
Asked about which markets CoachHub will be focused on, MacCartney said greater China and Japan continue to be their core markets, though it is also eyeing Australia, Singapore, Malaysia, and India.
He said the impact of the pandemic was still being felt in the coaching industry, citing a Global HR survey that found 77% of learning and development professionals feel there is now a greater need to train and develop workers than before the pandemic.
MacCartney saw positive indicators from the region’s government agencies as well, like how Malaysia’s Human Resources Development Fund and Singapore’s SkillsFuture Critical Core Skills framework could leverage CoachHub’s services.
See also: The key players in Southeast Asia’s growing edtech scene
Editing by Miguel Cordon and Lorenzo Kyle Subido
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