Betterfly

Betterfly: Benefits for healthy living

Betterfly is an online employee benefits platform that rewards healthy habits with life insurance, and membership is paid for by the employer. The insurance coverage grows as users’ healthy practices increase, and the platform also provides the option of making donations to a range of charitable causes.

The company, which was founded in 2018 by brothers Eduardo and Cristóbal della Maggiora, started out as Burn to Give, an app to “recycle calories”. In June 2020, the company raised US$ 8.5 million in Series A funding to continue developing the platform. In November of the same year, it changed its name to Betterfly, and received an additional US$ 9 million in Series A funding in December, taking the total to US$17.5 million.

In June 2021, the company raised US$ 60 million in Series B funding, reaching a market cap of almost US$ 300 million, the largest of any Latin American Insurtech company (technological company serving the insurance industry). This funding was provided by major global investors, including DST Global Partners, QED Investors, Valor Capital, Endeavor Catalyst, and Softbank, one of the world’s largest venture capital funds.

In August 2021, the company partnered with Brazilian insurer Icatu, opening a potential market of 50 million households. Betterfly plans to expand its service offering to Mexico, Peru, and Colombia this year, as well as opening its head office in the United States.