Chilean unicorn Betterfly ceased operations in Argentina, Brazil, Colombia, Ecuador, and Peru as part of a strategic reorganization. Betterfly now operates in Chile, Mexico, and Spain, with plans to expand to the US.
“We want to focus our resources on the opportunities with the greatest impact. The United States represents a healthcare market 30 times larger than those five countries combined, while Chile, Mexico, and Spain generate 94% of our revenue,” Betterfly stated, according to Forbes.
Betterfly operates under a B2B2C model, providing companies with life and health insurance for employees, along with a platform to track healthy activities like walking, exercising, and meditation. As employees log more activities, their coverage automatically increases at no extra cost.
Founded in 2018 by brothers Eduardo and Cristóbal della Maggiora, Betterfly reached unicorn status in 2022.
Read more on Forbes.
