With an investment of US$10 million, the Chilean social unicorn Betterfly lands in Argentina
Betterfly, the startup Chilean that merges wellness with financial and social servicesannounced today its landing in Argentina for the second half of the year. So you will invest US$10 million in the country and It will generate 50 jobs, in addition to the 20 already existing that operate from Córdoba for the headquarters in Chile.
In addition, the company announced today that raised US$125 million in a Series C investment round and, with it, has achieved unicorn status, by becoming “the first Latin American company with B certification valued at US$1,000 million,” the firm explained in a statement. Six months ago, it raised US$60 million corresponding to Series B and already has a total of US$200 million of capital raised.
“The round was led by Glade Brook Capital and included the participation of new investors, such as Greycroft and Lightrock, an investment fund focused on investments with global impact. QED Inversores and DST Global Partners, who led the Series A and B investment rounds, respectively, also participated in this round,” the company reported.
In dialogue with THE NATION, Eduardo della Maggiora, CEO and founder of the firm, commented: “We are very excited about taking the project to Argentina and combat the financial gap that the country has. We are going to offer a wide variety of digital tools to deal with this situation and, above all, to inspire people to generate healthy lifestyle habits. My goal is for everyone to be financially protected and motivated to live better.”
the company of inusrtech (insurance mix with technology) is founded on a social business model Y offers a service of protection for people while encouraging them to physical, mental and financial care. The platform works through a subscription system. The user is given a life insurance, That allows him access different services linked to well-being -trainings and meditations- and a package of financial tools. In addition, it has the option of social assistance. Via games and competitions, they are encouraged to carry out activities that “do them good”, such as physical exercise. In this way, they generate “Better Coins”, which can be exchange for charitable donations and/or rewards. This gives them the ability to upgrade their insurance, participate in challenges, and compete on company leaderboards.
“I started Betterfly with the purpose of spreading the word that creating a company and making an impact in the world can go hand in hand”, said della Maggiora, an entrepreneur who belongs to the Endeavor network.
“From day one we organized an intrinsically social company with a business model based on a legal structure called public benefit corporation. The goal is that each user can build their protection with their own hands and feet and that their coverage increases every time they meditate or train. My idea is motivate people to improve their well-being and at the same time protect their family, the environment and the community”, explained the entrepreneur.
During 2021 the annual growth was 60% and recorded more than 2,500 affiliated organizations to the platform. As a result of the social impact, it was allocated US$1 million as donations to different NGOs and special causes, among them, they planted 300,000 trees and they gave themselves three million plates of food to children in need within Latin America.
The company, which is already in Chile and Brazil, plans to start operations in seven new markets this year: in addition to Argentina, it seeks to land in Mexico, Colombia, Peru, Ecuador, Panama and Costa Rica. And it will add another three in 2023: the United States, Portugal and Spain.
Of the Maggiora founded Betterfly in 2018. Previously, he worked for ten years in the corporate finance area of JP Morgan, five at the Chile headquarters and the rest in Manhattan. when he retired, traveled to Tanzania, Africa, to volunteer and teach mathematics and English to children between the ages of four and seven. When he came back he decided combine your passion for sport -IronMan sub-champion was consecrated in his category- with his vocation for social help. With these two impulses, he created his proposal.
“One day while I was pedaling, the idea of convert the kilos he lost while training into kilos of food to give to malnourished children. That is, convert the calories from sport into calories from food”, della Maggiore said, adding: “I wanted to prove and demonstrate that human beings are made to help. When we launched the app, the turnout was huge.”
“We are all different and have different needs. Because Through Betterfly, we seek to impact the main aspects of everyday life and be a source of motivation”, said della Maggiore, and concluded: “Announcing that we are a company classified as a social unicorn is not only a dream come true, but I hope it sets the standard for upcoming ventures are designed to create a better world.”