Betterfly Chile SpA

Based in Chile, Betterfly Chile SpA operates a wellness and insurance platform designed to enhance employee engagement by personalizing insurance benefits and incentivizing healthy habits through gamification. Betterfly Chile SpA provides a wellness and insurance platform that allows companies to customize their employees' benefits. Founded in 2018 in Santiago, Chile, the company has undergone strategic growth, securing a total of 5 deals, with the most recent funding round occurring in February 2022. Betterfly raised USD 125 mn in a Series C round led by Glade Brook Capital Partners, with participation from several investors including DST Global and SoftBank Group.

The founders include Brian McCabe, Cristóbal della Maggiora, Eden Albalansi, and Eduardo della Maggiora, while Andy Mahler serves as CEO. Betterfly offers an all-in-one wellness and insurance platform tailored to enhance employee health and engagement. The core product allows employees to personalize their insurance and wellness benefits according to individual preferences, promoting flexible coverage options. The platform incentivizes healthy habits through a gamified experience, where users participate in challenges that generate rewards for every positive action taken.

These actions translate into donations for NGOs worldwide, allowing employees to directly contribute to social causes. The company primarily serves businesses operating in various geographical markets including Chile, Mexico, Spain, and the United States, focusing on enhancing employee benefits for organizations committed to fostering a culture of wellness and social impact. Betterfly generates revenue through a subscription-based model that allows companies to manage their employees' wellness and insurance plans effectively. Clients pay a monthly fee for access to the platform, enabling customization of employee benefits without the need for medical exams or extensive paperwork.

This subscription model supports ongoing engagement with the platform, allowing organizations to adjust their coverage plans according to their evolving needs. Additionally, Betterfly’s unique offering of converting healthy habits into donations creates a distinct value proposition for businesses looking to invest in employee wellness while making a measurable social impact. The transactions typically occur directly between Betterfly and its clients, encompassing a B2B structure that facilitates seamless integration of the wellness platform into corporate benefit programs. In February 2022, Betterfly Chile SpA raised USD 125 mn in Series C funding, which will be utilized to grow its platform and launch new insurance products and financial services to enhance its benefits offerings.

The company aims to expand into new markets, focusing on regions including additional Latin American countries and further into Europe and the United States by 2023. This funding will support the development of these new offerings and the necessary infrastructure for market expansion.