German tech firm CoachHub is planning to grow in the UK and around Europe after securing a new €10 million round of funding.
The digital coaching platform raised €6m only three months ago but has added a further €10m which will also be used to build a European think-tank for business coaching.
CoachHub helps companies implement personalised coaching to employees via a global coach pool and a platform underpinned by artificial intelligence.
It is now the largest provider of digital coaching in Europe with 75 employees and plans to grow to 200 employees by mid-2020, including 20 fresh UK hires.
“The UK is a really receptive market for digital coaching, where currently the reliance on in-person coaching sessions – which is inflexible, time-consuming and unscalable – has kept coaching out of reach for all but the most senior staff,” a spokesperson told BusinessCloud.
“Our customers are seeing measurable results in terms of increased rates of employee retention and happiness, while regular, tailored coaching sessions have been shown to have a positive impact on business and employee performance.
“We’re excited for the opportunities in the UK market.”
They added: “CoachHub doesn’t currently have an office in the UK, but we are looking to expand our presence in the market. We will be looking to add 20 UK hires in sales, marketing and operations.
“We are on track to grow to 200 staff across Europe by mid-2020. We will also be looking to grow the number of top-quality coaches on our platform and bring digital coaching opportunities to many more businesses.”
“CoachHub increases investment to €16M to fuel European expansion” – We are thrilled to announce our latest funding round! ??
Read the whole article in our bloghttps://t.co/Z19d781qEL pic.twitter.com/rMjhJaMB76
— CoachHub (@CoachHub_IO) November 12, 2019
The latest funding round is from existing investors HV Holtzbrinck Ventures, Partech and Speedinvest and new investor RTP Global.
The company’s Coaching Lab think-tank drives behavioural research and development in the coaching space. It provides a repository of expert insights and tools to support the development of coachees, such as how to optimise their workplace performance and thrive on a personal level. Contributors include some of Europe’s leading professors, psychologists, coaches, researchers and learning experts.
Founded in Berlin by serial entrepreneur brothers Yannis and Matti Niebelschuetz, CoachHub democratises coaching by enabling access to employees at all career levels for coaching services traditionally only available to top executives.
CoachHub’s coaches cover a range of disciplines including time management, stress management and leadership skills. It has acquired a global network of more than 400 certified coaches, across six continents and 30+ languages.
Its coaches work remotely with employees at over 100 companies, including large corporations like Generali and Bosch Rexroth, and tech startups like SoundCloud and HelloFresh.
David Kuczek, general partner of HV Holtzbrinck Ventures, said: “Digital coaching has become a billion dollar market that’s increasing year on year, and we see CoachHub as the clear category leader in Europe. We’re really impressed by the team’s execution in building this platform and the rapid customer traction it’s gained since launching last year.”
Andrea Göbbels, head of education and training at Bosch, said: “Digital coaching provides the perfect solution for the training demands of a fast-based business like ours.
“The flexibility of CoachHub’s platform is one of the reasons why our employees love it – they can communicate with their coach anywhere and at any time.”