The Duke of Sussex is set to become the chief impact officer at San Francisco-based mental health startup BetterUp, the company announced on its website Tuesday morning. The scion of the British royal family told The Wall Street Journal he intends “to help create impact in people’s lives.”
Prince Harry is expected to provide input on various company initiatives, including product strategy and charitable contributions — in addition to being a public advocate on topics related to mental health, a topic he’s embraced recently
At the moment, there are no details on his compensation or employment agreement, although the Wall Street Journal says he will be joining the company’s leadership team as an “officer of the corporation.” He is likely to spend some time in the firm’s San Francisco headquarters, in addition to participating in all-hands meetings and special events.
BetterUp, which serves over 300 enterprise businesses including Hilton, NASA, Chevron, Mars, Genentech, Snap Inc., and Warner Media, raised $125 million in its latest funding round — valuing the company at an impressive $1.73 billion.
In a recent interview, CEO Alexi Robichaux previously said that “leading up to the pandemic, [BetterUp was], on average, doubling or tripling [revenue] year over year” adding that the firm expects even stronger growth in the years to come as companies continue to invest in mental health to thwart the impact of the pandemic.
BetterUp’s impressive growth means there’s more wealth for Prince Harry to share in, putting him further down the road toward becoming financially independent as he and his wife, Meghan Markle, begin a new life in the U.S.
In December, the Duke and Duchess of Sussex signed a 3-year podcast deal with Spotify (SPOT) for an estimated $15 million – $18 million. Still, it was their 5-year Netflix (NFLX) deal that’s generated the most buzz, with multiple reports saying the deal could be valued at up to $100 million.
Prince Harry also partnered with Oprah on an Apple TV+ (AAPL) mental health series. The project, which was originally supposed to air in 2020, has since been put on hold.
Combined with the duo’s various speaking appearances, which are reported to go for around $1 million, it’s clear that Harry and Meghan are continuing to expand their media empire — and establish influence outside their royal perch.
Financial Impact of Royal Departure
The couple’s polarizing departure from the House of Windsor stands to have a significant impact on their finances, which — while not entirely transparent — stand to gain from their various business ventures.
Before their new spate of deals, the couple’s combined net worth stood at $10 million, according to Forbes, with a sizable portion lying in the equity of their nearly $15 million California mansion. For context, Queen Elizabeth II is worth an estimated $500 million.
Prince Harry inherited roughly $10 million from his late mother Princess Diana’s estate, with Meghan Markle contributing approximately $2 million (after taxes) from her various works as an actress.
The Sovereign Grant, funded in part by British taxpayers, previously contributed 5% to the couple’s total income. It is currently used to finance and support the official duties of the Queen including travel, security, staff and building upkeep.
The remaining 95% of their income came from the Duchy of Cornwall, a private estate account maintained by Prince Charles. The estate is valued at roughly $1.2 billion, with Prince Charles receiving approximately $28.3 million to distribute amongst his family.
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