Chilean insurance-tech startup Betterfly plans to increase abroad after its newest funding spherical swelled its valuation to $1 billion.
The corporate is making ready to start operations in seven new markets in 2022 — Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica –- utilizing the proceeds of its Sequence C spherical, based on founder and Chief Government Officer Eduardo della Maggiora. It’s additionally planning to begin operations within the U.S., Spain and Portugal in 2023.
Betterfly offers a digital advantages platform via which employers can incentivize wholesome habits — reminiscent of strolling or meditation. The concept is that staff will get perks reminiscent of rising life insurance coverage or the choice to direct funds to charitable causes, whereas the corporate sees fewer sick days and decrease medical prices for more healthy employees.
“We’re constructing a product that doesn’t exist wherever,” he mentioned. “That’s why we have now a lot momentum and pace, not simply in LatAm however globally.”
The brand new markets would add to current operations in Chile and Brazil, the place Betterfly has elevated income 20-fold in 2021. It additionally grew the variety of corporations that provide Betterfly providers by 60 fold final 12 months to over 2,500, Della Maggiora mentioned.
Della Maggiora says he’s pleased with the corporate’s ethos as a social firm. It’s integrated within the U.S. as a B Corp. — which requires it to observe sure social, environmental and transparency requirements — and as a Public Profit Corp., which permits it to pursue social good in addition to revenue.
The corporate, which at present has about 500 staff, is seeking to double its workforce within the subsequent 12 to 18 months because it expands, based on della Maggiora.
The $125 million Sequence C spherical was led by Glade Brook Capital Companions LLC and included participation from new traders Greycroft Companions LLC and Lightrock LLP. QED Traders LLC and DST World Funding Companions — who led the corporate’s Sequence A and Sequence B rounds respectively — additionally participated. SoftBank Group Corp. is amongst traders who participated in a earlier spherical.
Copyright 2022 Bloomberg.
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