Chilean Betterfly becomes the first social unicorn in Latin America
RIO DE JANEIRO, BRAZIL – Betterfly, the employee benefits platform, announced today the closing of its Series C investment round, in which it raised US$125 million, achieving unicorn status, becoming the first B-company in the region to be valued at over US$ 1 billion, writes Diario Financiero in its latest report.
With this milestone, the startup, founded in 2018 by Eduardo della Maggiora, becomes the third Chilean unicorn, after Cornershop and NotCo, and positions itself as the first InsurTech -financial technology startup- to achieve this classification at the Latin American level.
The firm informed through a press release that the investment round was led by Glade Brook Capital and counted with the participation of other international investors that join Betterfly’s ownership, such as Greycroft and Lightrock, an investment fund focused on global impact investments.
QED Investors and DST Global Partners, who led the Series A and B investment rounds respectively, also participated in this round, reinforcing their confidence in the company’s growth.
This capital raising comes six months after having raised US$60 million corresponding to a Series B, totaling US$200 million raised since December 2020 to date.
EXPANSION PLANS
With the capital raising, Betterfly plans to start operations in seven new markets – Mexico, Colombia, Argentina, Peru, Ecuador, Panama, and Costa Rica – in 2022 and three new markets in 2023 – the United States, Portugal, and Spain.
The company already operates in Chile and Brazil, and also seeks to continue the growth of the benefits platform that compensates workers’ healthy habits, with charitable donations and increased life insurance coverage based on their good habits.
Its business model consists of charging a monthly fee for each worker, which includes benefits in its platforms such as telemedicine, mindfulness, meditation, and wellness education.
In addition, it has a model of alliances with large insurance companies to intermediate life insurance, which is offered as a benefit to employees.
With information from Diario Financiero
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