Betterfly raises $60 million
Purpose-driven benefits platform Betterfly has raised $60 million in Series B from partners of DST Global, QED investors, Valor Capital, Endeavor Catalyst and the SoftBank Latin America Fund. To date, the company raised $80 million.
Founded in 2018, Betterfly empowers people to help others and take care of their own mental, physical and financial wellbeing through game mechanics and behavioral science. Its platform tracks and rewards users’ good habits with charitable donations and life insurance coverage.
Betterfly plans to use the proceeds to continue to grow the platform, as well as to establish key partnerships with insurance carriers and strategic players in the financial services, healthcare and wellbeing spaces. Betterfly also plans to expand across Latin America, beginning with Brazil, where it will commence operations in the coming months.
“We want to democratize access to physical, mental and financial wellbeing, and empower people to become the best version of themselves while making an impact on their families and communities. As more companies and consumers adapt to the acceleration of the digital transformation, our goal is to bring 70% of the population into our ecosystem, with a focus on the low-and middle-income demographic. We are confident that, with our unique embedded insurance platform, which provides more affordable, relevant and personalized insurance to people when and where they need it most, we are well-positioned to achieve our goal.” – Eduardo della Maggiora, Founder and CEO of Betterfly.
“We are excited to partner with Betterfly for the SoftBank Latin America Fund’s first investment in Chile and in an Insurtech startup. Betterfly is challenging the traditional insurance industry by democratizing access to life insurance, while gamifying and promoting healthy habits across LatAm. We believe Betterfly’s business model is well-positioned to build strong partnerships and distribution channels for leading insurance carriers across the region.” – Benjamin Lizana, at the SoftBank Latin America Fund.
“For QED and Betterfly, it was love at first sight – a mission-oriented company with an amazing entrepreneur in a completely untapped market. What is not to like? And luckily for us, the market agrees. The initial response to the Betterfly product, both from employers and employees, has exceeded our expectations. QED is incredibly excited to continue to support the Company in this next phase of growth. We are big believers in Betterfly, which has the potential to improve the benefits of millions of people and change how consumers interact with insurance.” – Mike Packer, Partner at QED.