The Chilean insurtech Betterfly raised a $125M Series C funding round led by Glade Brook Capital. Greycroft, Mundi Ventures, and Lightrock joined existing investors QED Investors and DST Global Partners.
The round brings the startup’s valuation to $1B, making it a Unicorn. It is the third Chilean startup to become a unicorn company alongside Cornershop and NotCo.
Betterfly provides life insurance with a “prevention, protection, and purpose” approach, combining wellbeing, insurance, and social purpose. The insurtech encourages customers to adopt healthy lifestyle habits and then offers rewards for life insurance coverage or charitable donations.
Customers can track daily habits, such as sleep, exercise, and meditation, on the Betterfly platform, to convert into rewards.
“We are so proud to have joined with some of the best investors in the world as we build our company – a company that brings together financial inclusion, well-being, and social impact strategies,” said Eduardo della Maggiora, founder and CEO.
Insurtech Betterfly raised its $60M Series B in June last year, and now has plans for international expansion. The company plans to launch in seven new markets: Mexico, Colombia, Argentina, Peru, Ecuador, Panama, and Costa Rica.
“This new funding will support our plans to take Betterfly to all corners of the world and give everyone access to financial protection and the tools and motivation to give themselves a better life,” Maggiora continued.
The company also alluded to international expansion plans into Spain, the US, and Portugal as a long-term goal.