Betterfly Raises $60 Million Series B in Latin America's Largest Insurtech Round
Betterfly, the purpose-driven benefits platform, today announced that it has raised $60 million in Series B from partners of DST Global, QED investors, Valor Capital, Endeavor Catalyst and the SoftBank Latin America Fund. The $60 million Series B represents Latin America's largest insurtech fundraising round and comes just six months after Betterfly raised its $18 million Series A. The round brings Betterfly's total equity raised to $80 million.
Betterfly, founded in 2018 by Endeavor entrepreneur Eduardo della Maggiora, is reimagining both product and distribution in the global insurance market and has developed a unique embedded insurance B2B2C model that integrates wellbeing, insurance and social purpose with a mission to help people do better, live better, and be better. The company, through game mechanics and behavioral science, is pioneering a new way to bring financial protections to all, by empowering people to help others and take care of their own mental, physical and financial wellbeing. The company leverages its platform to track and rewards users' good habits with charitable donations and life insurance coverage that grows every day.
Betterfly plans to use the proceeds from the fundraising round 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," says Eduardo della Maggiora, Founder and CEO of Betterfly. "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 insurnce 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."
"We are excited to partner with Betterfly for the SoftBank Latin America Fund's first investment in Chile and in an Insurtech startup," said Benjamin Lizana, at the SoftBank Latin America Fund. "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."
"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," said Mike Packer, Partner at QED.
Benefits to Change the World
The vast majority of people in Latin America do not have life insurance coverage, and those that do typically procure it through their employers. Betterfly is making it easier and more affordable for companies in Latin America to provide insurance coverage to their employees by providing a fully digital benefits subscription that gives each employee smart life insurance, which, accompanied by positive lifestyle choices, grows at no cost.
By engaging in daily healthy habits such as walking, exercising, sleeping and meditation, members earn "Better Coins" that can be exchanged for charitable donations and rewards. Members can progress through levels, undertake challenges, and compete in company leaderboards.
Membership is simple and affordable, starting at $4 per employee per month, and includes an instant and guaranteed life insurance coverage, with no medical questions or pre-existing condition exclusions, as well as a full range of wellbeing tools and digital resources including 24/7 telemedicine access, mental health support, virtual fitness, meditation and mindfulness, health checks, online nutritionist, financial and wellbeing education. Employees can also choose to top-up their coverage or extend it to additional members of the family with "one-click insurance" through its Better Place, an intelligent marketplace offering valuable and customized insurance products.
Betterfly is a leading technology company that combines wellbeing, insurance and social purpose with a mission to help people do better, live better, and be better. The company is pioneering a new way to bring financial protection to the masses, by empowering people to help others and take care of themselves mentally, physically and financially. As a Public Benefit Corporation and Certified B-Corp, Betterfly is reimagining insurance with a purpose-driven approach that empowers members to protect their families, communities and our planet. (https://betterfly.cl/en/)