As companies shift to remote working the demand for virtual coaching is growing and Bravely, the cloud-based professional coaching app, is poised for rapid growth with a $15 million funding round led by Telescope Partners, the company announced Aug. 24.
The New York-based startup plans to use the capital to expand globally and develop new technologies to better understand and serve the needs of diverse employee populations. In addition to new automation and personalization, the funding will also be used to develop a People Science function at Bravely that will use data to develop deeper insights into the needs of employees.
"The world of work is undergoing the biggest change we've seen in our lifetimes," says Sarah Sheehan, Co-Founder and President of Bravely. "The competition for talent right now is unprecedented, and there's more attention than ever on the tools companies offer to support their employees' growth and development. The choice is: rise to meet the new standards, or lose your most valuable asset, which is your people."
The Bravely platform allows employees to access a network of vetted, certified coaches. Employees can schedule confidential sessions to prepare for a variety of situations, such as performance reviews, having a difficult conversation with a manager, or setting long-term career goals.
Professional coaching, which was once the domain of senior level executives, is becoming increasingly available to all employees. Bravely is particularly focused on underrepresented groups with women completing 61% of the sessions, people of color at 45% and LGBTQ+ people at 12%. The impact on diversity and equity has been impressive, according to Bravely.
For example, LGBTQ+ employees are more than twice as likely to have sessions about impostor syndrome, and 10% more likely to report feeling more positive about their situation after their coaching session. Bravely represents the future of comprehensive inclusion strategies designed with equity and impact at the core.
"Each person's experience and needs at work are unique, and individual coaching has tremendous power to unlock performance and maximize potential," says Toby Hervey, Co-Founder and CEO of Bravely. "With our technology-forward approach and scalable pricing model enabling access to coaching for everyone at every level, Bravely is helping companies cultivate cultures of belonging and success."
The funding round was led by Telescope Partners with participation from prior investors Primary Ventures, Bling Capital, Correlation Ventures, RiverPark Ventures, and Tuesday Fund, as well as new investor SemperVirens Venture Capital.
Bravely is used by employees in over 68 countries and 33 languages at companies including Autodesk, Better Mortgage, Harry's, Nasdaq, Pinterest, Samsara, Twilio, Zillow Group, and Yelp.