The first social unicorn in Latin America, Butterfly is described as a new insurance and financial advisory technology company of Chilean origin. After raising $125 million in the latest Series C round led by Glade Brook Capital, it managed to be valued at $1 billion.
— Start-Up Chile (@startupchile) February 1, 2022
“Since launching our benefits platform in 2020, Betterfly has grown from a small startup of 30 to a powerful team of over 500 people from 17 countries. As we grew and hired great people everywhere, we also ended the year with a 20x increase in revenue growth with over 2,500 enterprise clients, ranging from small businesses to publicly traded companies,” said Eduardo Della Maggiore, founder and CEO of the company, through his website.
With the participation of new investors including Greycroft, Mundi Ventures, Lightrock, QED Investors and DST Global Partners, the company highlights raising over $200 million in the past year.
“We want to continue building a purpose-driven company and help lead the way in accelerating the global transition to companies that put social good at the heart of their strategy and how they measure success,” stressed Maggiore, while expressing his pride in the work team. that they have managed to put in place in recent years.
“Our diverse international team has been key to our progress. Betterfly couldn’t have reached this level of growth so quickly without a remarkable group of people from around the world. That’s why we’re redoubling our efforts to hire exceptional talent across the globe to grow faster, build better, and create impact at scale,” he added.
Mike Packer, Partner at QED Investors, said via a Linkedin post: “We invested in Series A because we saw the potential for a great product. We invested in Series B because we saw how fast the business moved and how well it performed. We’ve invested in Series C now because we believe Betterfly can change the world.
For his part, Juan Pablo Larenas González, Chief Impact Officer at Betterfly, underlines on the social network that becoming a social unicorn was a consequence and not an objective in itself. He posted:
We have many opportunities for improvement and are fully committed to following the word to INSPIRE PEOPLE TO DO BETTER, LIVE BETTER AND BE BETTER and therefore continue to spread the Betterfly Effect
Larenas González also points out that each of the company’s employees has a stake in the company. “Our success is shared and we’ve built a culture where the power of being together is more important than agreeing on everything,” he said.
The startup also donates a portion of its revenue to social causes as part of its business model. “We work with NGOs that change the lives of people affected by poverty and changes in our communities due to the climate crisis. And we are building a strategy to go well beyond donations and build long-term relationships with these social and environmental causes that are changing the world,” said the Chief Impact Officer.
The term “unicorn” is used to describe a rare type of private company that has a valuation of over $1 billion. In addition to having started its expansion in other Latin American countries this year, such as Colombia and Mexico, Betterfly has also announced that in 2023 it will operate in Spain, Portugal and the United States.