Betterfly becomes first Latin American social unicorn

Betterfly, which claims to have become the first Latin American “social” unicorn, has raised $125m in its Series C funding round.

Glade Brook Capital led the round, with commitments also coming from Greycroft, Mundi Ventures and Lightrock. QED Investors and DST Global Partners, which led Betterfly’s Series A and B rounds, respectively, also joined the fresh investment.

Following the close of the round, the FinTech company was valued at $1bn and comes just six months after it raised $60m for its Series B. Over the past 12 months, it has raised more than $200m in funding.

With the capital, the company plans to launch in Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica. Next year, Betterfly is eyeing the US, Portugal and Spain markets.

In addition to international expansion, the company is planning to release new products, including insurance, lifestyle and financial services. It also plans to establish new partnerships with insurance carriers and financial services companies.

Finally, Betterfly is hoping to continue its mission for helping “social conscious businesses”.

The company was founded in 2018, but the idea for the platform came in 2017 when Eduardo della Maggiora was riding a bike. Maggiora wondered if it was possible to convert calories burned through exercise into calories of food for children in need.

Its first product released in March 2018 which came with a 30-day calorie challenge to transform calories of exercise into calories of food. With the help of ten global brands, the challenge was completed by over 50,000 people and translated into 75 million calories of food for 1,000 kids in Haiti suffering from malnutrition.

It has since grown to offer many more services. The platform still offers products aimed at helping charities around the world, but it also offers personal wellbeing, including general practice consultations, gym memberships, mental health support, meditation, wellbeing education and access to investment options, including mutual funds and pensions.

Another core product is its insurance services. Customers can access life insurance, with no need for medical exams or questionnaires.

Late last year, the company teamed up with property and casualty insurer Chubb to help companies encourage employee commitment to self-care.

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