Betterfly becomes Chile’s newest unicorn, expands across LatAm

Posted on Feb 25, 2022

Chile-based Betterfly, an HRTech platform, has become the country’s newest unicorn following a $125 million Series C round of investment that was led by Glade Brook Capital Partners, with participation from Greycroft and Lightrock, and follow-on from QED Investors and DST Global

The latest funding round brings the company’s valuation to $1 billion.

Betterfly is a purpose-driven wellbeing and insurance platform that empowers organizations and employees to improve their health and wellbeing, while making an impact in their communities.

Its approach to employee wellbeing rewards good habits with life insurance coverage that grows every day and converts every healthy activity into a charitable donation.

Betterfly acquired six fintech and HRTech startups in October and raised a $60 million Series B in July 2021.

Following the latest round of investment, Betterfly will launch operations in Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica.

Betterfly is the second Chilean startup to reach the $1 billion benchmark, after NotCo raised a $235 million Series D and hit a $1.5 billion valuation in July 2021.

The latest investment in Betterfly is the largest investment in an HRTech startup in Latin America to date, according to the Latin America Ventura Capital Association (LAVCA).