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The insurance startup Betterfly raised US$125 million in a Series C, bringing its total amount of funds raised to US$202.5 million, and its valuation to US$1 billion. Thus, it has become the first B company (social company) to be a unicorn in Latin America in 2022.
Betterfly was founded in 2018 by brothers Cristobal and Eduardo della Maggiora. Just six months after raising a US$60 million round, they raised the new capital that positions it as the third unicorn in Chile, after Cornershop and NotCo.
The new round of capital was led by Glade Brook Capital Partners LLC. Also participating were QED Investors LLC, DST Global Partners, Greycroft Partners LLC, Alma Mundi Ventures and Lightrock LLP.
Betterfly Goes for LatAm and Beyond
The insurtech company, which offers telemedicine, mindfulness, virtual fitness and even financial education services for company employees, offers life insurance at no cost as a reward for healthy habits. The insurance coverage increases as employees become more and more involved in the company.
Betterfly seeks to take this business model beyond Chile and Brazil, where it now operates. With the new capital it is preparing to start operations this 2022 in Mexico (in alliance with Chubb), Colombia, Argentina, Peru, Ecuador, Panama, and Costa Rica. And by 2023 it plans to reach the United States, Spain, and Portugal.
Its arrival in the seven new Latin American countries would increase by 20x the revenues it obtained in 2021.
On the other hand, its arrival in the United States will be as a B Corp, which means that it will have to follow certain social, environmental and transparency standards.
So far, the insurtech has around 500 employees. This is a figure it will seek to double in the next year, year and a half, as it expands.
Betterfly also has the backing of Softbank Latin America Fund and Valo Capital Group, who participated in previous investment series.
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