Since 2018, Betterfly has grown from zero to a global company with 500 employees and a valuation of $1 billion. Join me in reliving some of that story and find out where we come from.
While riding my bike one day in late 2017, a crazy idea crossed my mind; what if we could “convert the calories burned exercising into calories of food for children in need?” What if we could use technology and the Power of Purpose to inspire people to improve their wellbeing? What if we could empower people to make an impact and protect their families just by living their best lives?
In March 2018 we launched our first minimum viable product (MVP) with a “30-day calorie challenge” to “convert calories of exercise into calories of food” through the sponsorship of brands.
We wanted to test our hypothesis that human beings are “designed to give back and help others” and when presented with the opportunity to make an impact – in a simple and tangible way – we do not hesitate to do so. The MVP was a big success with more than 10 global brands sponsoring this challenge, and after 30 days – with zero dollars spent in marketing – we were able to connect and engage with over 50,000 people that burned 75 million calories of exercise which we converted into 75 million calories of food, enough to provide life-saving nutrition for 1,000 kids in Haiti suffering from severe malnutrition.
Since that first MVP I became obsessed about solving a problem that connected with my personal journey and professional background, and the idea that “Prevention, Protection and Purpose”, would make a powerful combination. I fell in love with the problem, not the solution, and we would pivot many times before Betterfly became a scalable business.
One of the first things we did as a company was to focus on our Culture, building a team and company where the Power of Purpose and Dreaming Big were front and center.
Early on we made a commitment to create an impact first company and structure ourselves in a way that would put social purpose at the center of everything we did – Technology, Operations, Culture and Brand – with a legal mission and a business model that considered a “triple bottom line” – People, Planet and Profit. We incorporated our company as a Public Benefit Corporation and certified ourselves as a B-Corp.
When we made the decision to structure ourselves in this way, I was frequently told that this would prevent us from growing and raising capital in the future. In reality, the opposite has been true. I would go as far as saying that the fact that we put social purpose at the center of everything we do, is the reason we have been able to grow as we have and reach several milestones that just a couple of years back would have seemed impossible.
We also started Dreaming Big and taking risks since our first days. We attempted a Guinness World Record, partnered with the United Nations to organize the biggest 10k race in Chile, partnered with Lollapalooza becoming the first app to be part of the music festival, launched our brand in a professional soccer stadium, shared our story on a TED stage, and the list goes on and on. We were a very small team with limited resources, but that did not prevent us from trying and attempting to do things that seemed impossible and, in some cases, making them happen.
Fast forward to today, and we’ve built a company with a unique and purpose-driven culture, a global team that dreams big every day, and a powerful mission to Inspire People Do Better, Live Better, and Be Better.
Since launching our benefits platform in 2020, Betterfly’s grown from a small startup of 30 to a mighty team of 500+ from 17 countries. As we expanded and hired exceptional people everywhere, we also ended the year 20x-ing our revenue growth with more than 2,500 corporate clients, ranging from small businesses to publicly traded ones.
Today we are announcing our $125 million Series C round led by Glade Brook Capital with participation from new investors Greycroft, Mundi Ventures and Lightrock, a global impact fund focused on growth equity, among others. QED Investors and DST Global Partners – who led our Series A and Series B rounds respectively – also participated in the round, reinforcing their commitment and confidence in Betterfly.
This round values Betterfly at $1 billion and comes just six months after our $60 million Series B, bringing the total amount we’ve raised in the last 12 months to over $200 million.
While we take the time to bask in the glory of this massive feat, our work at Betterfly is far from complete. It’s just the tip of the iceberg for us.
We’re excited about what the future holds and how we can grow by focusing on some key areas with this additional funding and take our Betterfly Effect to every corner of Latin America and the world.
Investing in expansion to new countries
Continuing our international growth trajectory is a huge focus. We plan to begin operations in seven new markets in 2022 – Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica – and three new markets in 2023 – United States, Portugal, and Spain.
Launching new products and partnerships
We plan to continue to grow our platform, including new insurance products, lifestyle and financial services to our benefits offering, establishing key partnerships with insurance carriers and financial service companies.
Continue leading the way for social conscious businesses
We want to continue building a company driven by purpose and help pave the way to accelerate the world’s transition to businesses that put social good at the core of their strategy and how they measure success.
Building with a purpose-driven team
Our diverse international team has been the key to our progress. Betterfly could not have achieved this level of growth so quickly without a remarkable group of people from all over the world. That’s why we’re doubling down on hiring exceptional talent across the globe to grow faster, build better, and create impact at scale.
It’s humbling to think about the journey that’s taken us from zero to here in less than 2 years since launching our platform and 4 years since that bike ride where the idea of “recycling calories” first crossed my mind.
To all our investors, customers, partners, and supporters: thank you for joining us on this mission and believing in our dream. We can’t wait to continue working with you towards our vision of creating a world in which every person is financially protected and empowered to live their best life.
To every entrepreneur and those of you thinking of joining a startup; we are living one of the greatest transformations of our lifetimes where technology is providing opportunities never seen before to even the playing field for millions of people. There’s never been a better time to get out of your comfort zone, start something new and create impact at scale. Focus on things you are deeply passionate about and that can make this world a better place. The purpose of life is to discover your gift, and the meaning of life is to give your gift away. Start today, be humble and always pay it forward.
Finally, to our amazing team, to my family, and specially my kids; don’t let anybody or anyone stop your dreams and never settle for less than you are worth or want to achieve. No matter what your circumstances are, the world is full of opportunity and new opportunities are constantly being created. You are never too old to set another goal or to dream a new dream. If you can dream it, you can do it. Never stop dreaming, never stop believing.
Como parte de los beneficios que Betterfly confiere por ser usuario de su aplicación, podrás ser incorporado al seguro colectivo que Betterfly tiene contratado con la compañía Seguros Vida Security Previsión S.A. póliza N°283192. La cobertura entregada será la siguiente:
|Cobertura||Capital asegurado||Descripción de la cobertura|
|Fallecimiento Natural||$500.000 CLP*||Muerte|
|Fallecimiento Accidental||$2.500.000 CLP*||Pago adicional al Fallecimiento si la muerte es causada por un accidente, es decir, un hecho imprevisto, involuntario, repentino, fortuito y violento producido por medios externos.|
|Invalidez Accidental||$3.000.000 CLP*||Invalidez permanente que haya sido causada por un accidente.|
*Al momento de ser incorporados a la póliza estos valores serán convertidos en UF al valor de la UF correspondiente en esa fecha.
En caso de Fallecimiento y Muerte Accidental podrás designar a tus beneficiarios de lo contario el capital asegurado se le pagara a tus beneficiarios legales.. El capital asegurado será pagado a los beneficiarios una vez acreditada la cobertura de fallecimiento si éste ocurre durante la vigencia del contrato de seguro. En el caso de Invalidez Accidental el capital asegurado se te pagará a ti.
El capital asegurado se incrementará con tus conductas saludables según lo establecido en las condiciones generales y particulares de la póliza. El seguro no está afecto a deducible.
Es importante que sepas que existen exclusiones que son situaciones que de producirse no serán cubiertas por la póliza. Las exclusiones de la póliza son las siguientes:
Si quieres conocer mas el detalle de cada una de estas exclusiones y demás condiciones se encuentran en las Condiciones Generales POL 2 2020 0123 y por las cláusulas adicionales CAD 3 2020 0124 y CAD 3 2020 0125 todas la cuales están depositadas en la Comisión para el Mercado Financiero.
Además, es importante que sepas:
Estos términos y condiciones (en adelante los “TyC”) constituyen el contrato suscrito entre Betterfly Chile SpA (en adelante “Betterfly”) y tú como usuario independiente a título personal (en adelante el “Usuario”) para la prestación de los servicios y beneficios que Betterfly otorga a través de su plataforma (en adelante todos ellos conjuntamente los “Servicios”).
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En 2018 como Burn to Give empezamos a innovar y desarrollar tecnología de punta para llegar a un producto que mejorara la calidad de vida de las personas — mediante hábitos saludables, práctica de ejercicio y disminución del sedentarismo–, generando al mismo tiempo un impacto social.
Hoy somos Betterfly, una plataforma de beneficios para el bienestar de sus usuarios, que busca transformar personas y organizaciones a través del propósito de proteger, inspirar e impulsar a cada uno a cambiar sus hábitos en pos de una vida y un planeta mejor.
Tu moneda de impacto: Premiamos todas tus conductas saludables con BetterCoins. ¿Todas? Sí, todas: caminar, correr, andar en bicicleta, meditar, aprender, ahorrar y mucho más.
Todos tus BetterCoins son canjeables por beneficios que transforman el mundo.
Con tus BetterCoins podrás impactar socialmente:
- Alimentando a un niño en situación de vulnerabilidad
- Plantando un árbol para reforestar el planeta
- Entregando agua potable para quienes no tienen acceso
Adicionalmente con tus BetterCoins podrás aumentar la cobertura de tu seguro para proteger a tu familia
General practice nutrition consultations via telemedicine appointments.
Virtual fitness: access to Instafit, an app with over 700 classes and personalized routines.
Gyms: Classpass membership with access to over 30,000 fitness centers
Mental health support via telemedicine appointments.
Meditation: access to Pura Mente, an app with more than 100 guided meditations and stress management programs.
Wellbeing Education: access to The Big Know, a leading educational platform with expert-led content.
Legal support & defense: access to Legal Chile, the largest legal services provider in Chile.
Savings and investment:
Access to Focus; a mutual funds, pension, pension and retirement account platform that provides personalized consulting, without a minimum investment or withdrawal fees.
Life insurance like no other.
Fully digital, no medicals exams required, nor questions related to your health, sports or high-risk activities. If you take care of your wellbeing, Betterfly will reward you with additional cover at no additional cost.
Death with a base of CLP $500,000 CLP and maximum of 750 UF achievable through good habits.
Additional due to accidental death with a base of CLP $2,500,000 CLP and dynamic maximum of 2,750 UF achievable through good habits.
Long-term disability with a base of CLP $3,000,000 CLP and dynamic maximum of 2,750 UF achievable through good habits.
The insurance provider Vida Security, is who covers all risks as agreed in the established conditions of POL 220200123, CAD 320200124 and CAD 320200125 deposited in the CMF.
Por favor haznos saber qué necesitas y nos contactaremos a la brevedad
In 2018 with Burn to Give we started to innovate and develop cutting-edge technology to create a product to improve the quality of people's lives. Our goal was to help people form healthy habits, exercise, and decrease sedentary lifestyles, generating positive social change at the same time.
Today we are Betterfly, a benefits platform focused on the well-being of its users. We seek to transform people and organizations through the purpose of protecting, inspiring, and encouraging each one to change their habits in pursuit of a better life and planet.
Your impact currency. We reward all your healthy habits with BetterCoins. All of them?! Yes, all of them: walking, running, cycling, meditating, learning, saving, and so much more.
All your BetterCoins are redeemable for benefits and/or activities that help transform the world.
With your BetterCoins you can generate social impact such as:
- Feed a child living in a vulnerable situation.
- Plant a tree to help reforest the planet.
- Provide clean drinking water for those who don’t have access to it.
Un seguro de vida completamente diferente.
100% digital, sin exámenes, ni preguntas por tu estado de salud, deportes o actividades riesgosas. Si cuidas tu bienestar, Betterfly te premiará con una mayor cobertura sin ningún costo adicional.
Fallecimiento con una base de CLP $500.000 y tope dinámico de UF 750.
Adicional muerte accidental con una base de CLP $2.500.000 y tope dinámico de UF 3.000.
Invalidez accidental con una base de CLP $3.000.000 y tope dinámico de UF 3.000.
La compañía aseguradora Vida Security, es quien cubre los riesgos de acuerdo a las condiciones establecidas en la POL 220200123, CAD 320200124 y CAD 320200125 depositadas en la CMF.
Medicina general y nutricionista: consultas a través telemedicina.
Fitness virtual: acceso a Instafit, app con más de 700 clases y rutinas personalizadas.
Gimnasios: posibilidad de acceder a gimnasios físicos y virtuales de la red ClassPass.
Soporte psicológico: consulta a través telemedicina.
Meditación: acceso a Pura Mente, app con más de 100 meditaciones guiadas y programas para manejar el estrés.
Educación sobre el bienestar: acceso a The Big Know, plataforma líder en aprendizaje cuyo contenido es brindado por expertos.
Soporte y defensa legal: acceso a Legal Chile, la empresa de servicios legales más grande del Chile.
Ahorro e inversión: acceso a Focus, plataforma digital de fondos mutuos y APV que te entregará una asesoría personalizada, sin monto mínimo de inversión ni castigos por rescates.