Betterfly, one of the new unicorns of Latin America
The Chilean company has been making significant investments in the region and announced the creation of at least 500 jobs.
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As the first social unicorn in Latin America, Betterfly is described as a new technological insurance and financial advisory company in Chile. After raising $125 million during its last round of Series C funding led by Glade Brook Capital, it is now valued at $1 billion.
#SUPpersintheSpotlight powered by @MSFTChile | ¡Hoy felicitamos a @GoBetterfly quienes se acaban de convertir en el tercer unicornio chileno!— Start-Up Chile (@startupchile) February 1, 2022
Esto convierte a la #startup de beneficios de salud y bienestar en el primer unicornio social de Latam. 🦋 ¡Muchas felicidades! pic.twitter.com/p6F4A6ffmF
“Since launching our benefits platform in 2020, Betterfly’s grown from a small startup of 30 to a mighty team of 500+ from 17 countries. As we expanded and hired exceptional people everywhere, we also ended the year 20x-ing our revenue growth with more than 2,500 corporate clients, ranging from small businesses to publicly traded ones,” said Eduardo Della Maggiore, founder and CEO of the company, on its website.
With the participation of new investors, including Greycroft, Mundi Ventures, Lightrock, QED Investors and DST Global Partners, the company highlighted the collection of more than $200 million in the last year.
“We want to continue building a company driven by purpose and help pave the way to accelerate the world’s transition to businesses that put social good at the core of their strategy and how they measure success,” Maggiore said, while expressing pride for the team they managed to put together in recent years.
“Our diverse international team has been the key to our progress. Betterfly could not have achieved this level of growth so quickly without a remarkable group of people from all over the world. That’s why we’re doubling down on hiring exceptional talent across the globe to grow faster, build better, and create impact at scale,” he added
Mike Packer, partner at QED Investors, said through a post on Linkedin: “We invested in the Series A because we saw the potential for a great product. We invested in the Series B because we saw how quickly the company scaled and how well they executed. We invested in the Series C now because we are convinced that Betterfly can change the world.”
For his part, Juan Pablo Larenas González, Chief Impact Officer at Betterfly, wrote on social media that becoming a social unicorn was a consequence and not an objective. He posted:
We have many opportunities to improve and we are fully committed to walk the talk to INSPIRE PEOPLE TO DO BETTER, LIVE BETTER AND BE BETTER and therefore keep spreading the Betterfly Effect
Larenas González also underlines that each of the company's employees has a stake in the company.
“Our success is shared and we have built a culture in which the power of being together is more important than agreeing on everything,” he said.
The startup also donates a portion of its income to social causes as a fundamental part of its business model.
“We work with NGOs that are changing the lives of people who are affected by poverty and changes to our communities due to the climate crisis. And we are building a strategy to go far beyond donations and build long-term relationships with these social and environmental causes that are changing the world,” said the Chief Impact Officer.
The term "unicorn" is used to describe a rare private company that has a valuation of more than $1 billion. In addition to having started its expansion to other Latin American countries, such as Colombia and Mexico, Betterfly also announced in 2023 that it will operate in Spain, Portugal and the United States.