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Betterfly is a Santiago, Chile-based insurtech and employee benefits platform that provides corporate wellness programs linking healthy habits to life insurance coverage and charitable donations. Operating as a B2B software-as-a-service provider across eight countries, the company charges employers a monthly subscription fee to access its health tracking and policy management tools. The enterprise generates approximately $28 million in annual revenue and has reached a $1 billion valuation after securing $202.5 million in total venture funding, highlighted by a $125 million Series C round. Betterfly is backed by prominent venture capital firms including SoftBank, QED Investors, and DST Global, and it maintains strategic commercial partnerships with regional insurers like Icatu while expanding into Europe through its acquisition of Flexoh. The company was founded in 2018 by brothers Eduardo della Maggiora and Cristóbal della Maggiora.
Betterfly has raised $324.0M across 4 funding rounds.
Betterfly has raised $324.0M in total across 4 funding rounds.
Betterfly has raised $324.0M in total across 4 funding rounds.
Betterfly's investors include Paul Hudson, DST Global, Greycroft, Marcos Wilson Pereira, Mike Packer, Kaszek Ventures, Norte Ventures, QED Investors, Lightrock, Softbank Latin America Fund, Endeavor Catalyst, Benjamin Lizana.
Betterfly has raised $324.0M across 4 funding rounds. Most recently, it raised $125.0M A Betterfly - Series C in February 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 1, 2022 | $125M Series C | Paul Hudson | DST Global, Greycroft, Marcos Wilson Pereira, Mike Packer | Announced |
| Jan 1, 2022 | $130M Series C | Paul Hudson | Kaszek Ventures, Norte Ventures, QED Investors, Greycroft, Lightrock | Announced |
| Jun 1, 2021 | $60M Series B | — | Kaszek Ventures, Norte Ventures, QED Investors, Softbank Latin America Fund, DST Global, Endeavor Catalyst, Benjamin Lizana, Valor Capital Group | Announced |
| Dec 30, 2020 | $9M Series A Plus | QED Investors | — | Announced |
Betterfly is a technology company in the InsurTech space that builds an employee wellness platform combining personalized insurance, benefits, and gamified wellness programs with a social impact mission.[1][2][3][5] It serves corporations (B2B2C model) by providing tools for employee protection, healthy habit tracking (e.g., walking, exercising, meditation), and automatic coverage increases based on activity, while generating donations to social causes from user actions.[2][3][5] The platform solves low employee benefits utilization—only 20% typically engage—through customizable, no-exam insurance, easy digital management, and engaging challenges that boost health, productivity, team culture, and planetary impact as a Public Benefit Corporation and Certified B-Corp.[1][3][5] Operating in 8 countries, it's Latin America's #1 protection and benefits platform with strong growth, including 400+ employees and expansion from Chile to the U.S.[2][3][4]
Betterfly was founded in 2015 (some sources note 2018 under its prior name, Burn to Give) in Santiago, Chile, where its headquarters remain.[2][4] It emerged from an idea to reimagine insurance by linking personal wellness actions to broader financial protection and social good, evolving from a fitness-focused app into a comprehensive InsurTech platform.[1][2] Early traction came via a gamified model encouraging healthy behaviors for rewards, gaining momentum in Latin America (94% of revenue from Chile, Mexico, Spain) before U.S. expansion into a market 30 times larger.[2][4] Pivotal moments include becoming a B-Corp, scaling to thousands of organizations, and building a 400+ global team in a modern Santiago HQ designed for innovation and wellness.[1][3][4][5]
Betterfly rides the InsurTech and corporate wellness boom, where gamification, AI-driven personalization, and purpose-driven business models address rising employee burnout and healthcare costs amid hybrid work trends.[2][3] Timing aligns with post-pandemic demand for mental/physical health tools—especially in underserved Latin American markets—while U.S. expansion taps a massive opportunity.[2] Favorable forces include SaaS efficiency, B-Corp appeal to ESG-focused employers, and competitors like dacadoo or Unum validating the space but lacking Betterfly's social donation hook.[2] It influences the ecosystem by pioneering "wellness-as-insurance," inspiring B2B platforms to prioritize engagement over static benefits and accelerating impact investing in healthtech.[1][5]
Betterfly is poised for accelerated U.S. and global scaling, leveraging its Latin American dominance to capture enterprise clients seeking measurable ROI on wellness (e.g., productivity gains, retention).[2][3] Trends like AI-enhanced habit tracking, embedded insurance in HR tech, and climate-linked social impact will shape its path, potentially driving unicorn status via further funding.[1][2] Its influence may evolve from regional leader to global InsurTech standard-setter, redefining benefits as dynamic, mission-aligned ecosystems that empower healthier, more connected workforces—proving small daily actions truly transform lives and businesses.[1][3][5]
