User:Alexander1503/Betterfly

Betterfly, formerly known as Burn to Give, is a Chilean startup that provides benefits for employees and customers of companies. The company was founded in 2018 by Eduardo della Maggiora and his brother, Cristóbal della Maggiora. In February 2022, the insurtech became a Latin American unicorn after raising $125 million in an investment round and being valued at $1 billion.

History
Betterfly was founded in 2018 by brothers Eduardo and Cristóbal della Maggiora, who currently serve as CEO and President, respectively.

The company was born in 2018 as Burn to Give, an initiative that aimed to convert calories burned through exercise into food donations for malnourished children. To carry out these donations, the company developed a mobile application that tracks the user's physical activity

In November and December of that year, the company received its pre-seed and seed rounds, raising $2 million USD. Impact VC, Alaya Capital, and NXTP Ventures were the leading investors in these rounds.

The initial donations made by the company went to the foundations Leche para Haití, Meds & Foods For Kids, and Red de Alimentos

In April 2020, Betterfly marked a pivotal moment by transforming into a public benefit corporation (PBC), a distinct corporate structure in the United States. This designation signifies the company's commitment not only to generating shareholder profits but also to achieving specific public benefit objectives.

At the same time, in June of that year, the company achieved a significant milestone by securing its Series-A funding round of $8 million. Endeavor Catalyst, JP Morgan, Albatross Capital, and QED played pivotal roles as lead investors in this round

By October 2020, Betterfly had attained B Corp certification, underscoring its dedication to both social and environmental accountability

Finally, in November 2020, Betterfly concluded its transformation with a rebranding effort. This involved the adoption of its new name and a profound evolution in its business model, honing in exclusively on the provision of corporate benefits

In 2021, Betterfly launched their upgraded 2.0 app, signifying a notable advancement in their technological offerings. By June of the subsequent year, the company achieved a remarkable feat by securing $60 million in funding through their series B financing round Among the investors to this funding are entities such as DST Global, QED Investors, Valor Capital, Endeavor Catalyst, and the Softbank Latin American Fund

During this period, the company forged significant partnerships with industry players like Caja los Andes, Icatu, and Chubb

In 2021, the company also took part as a sponsor of Teletón, making a generous donation of $476,000 usd to support the campaign

In 2022, Betterfly achieved a significant milestone by entering the exclusive group of unicorn companies. This accomplishment was marked by a successful $125 million investment round, featuring notable investors including QED Investors, Lightrock, Greycroft, Glade Brook Capital Partners, GG Capital, DST Global, and Alma Mundi Ventures. The company's valuation soared to $1 billion, solidifying its position as the pioneering "social unicorn."

This was a catalyst for the company's expansion strategy, leading it to venture beyond its Chilean origins and establish operations in multiple countries. Betterfly extended its presence to more than seven countries, including Mexico, Ecuador, Colombia, Peru, Argentina, Brazil, and Spain. Notably, this strategic expansion was facilitated through the acquisition of pivotal players in the flexible benefits sector, such as Seu Vale in Brazil and Flexoh in Spain

In early 2023, Betterfly announced a significant shift in its distribution model, solidifying its product as a Software as a Service (SaaS) offering This transition was accompanied by a corporate identity update. Shortly thereafter, CEO Eduardo della Maggiora shared news of a workforce reduction, affecting 30% of the employees. This decision was driven by the company's alignment with the SaaS format, the rapid growth leading to role duplications, the complex global economic landscape, and the assurance of a strong financial standing for the company.

During the same period, Betterfly underwent a rebranding effort, unveiling a refreshed visual identity and a renewed brand ethos. This transformation coincided with the launch of Betterfly Legacy, a pioneering initiative that introduced "Social Impact Stock Units" (SISU) on the New York Stock Exchange. This novel concept, developed by Betterfly, enabled the foundations it supports to hold shares tied to the company's growth. This approach allowed beneficiary foundations to gain ownership stakes in the company during an initial public offering (IPO) or sale, solidifying Betterfly's commitment to creating lasting positive change

Products
The company offers a subscription model specifically designed for businesses to extend to their employees and/or customers. This subscription unlocks access to a modular benefits platform, carefully crafted to comprehensively elevate well-being, engagement, and recognition for both employees and employers alike. Positive user habits within the platform trigger donations to various foundations, fostering social and environmental impact. This platform is structured around four crucial hubs:

1. The Purpose Engine:  Integrates components like AI-Powered Personalization, Gamification, and Rewards and Incentives. By leveraging these elements, the platform cultivates healthy habits and holistic lifestyles among its users. Ultimately, their habits translate into both social donations and insurance coverage, embodying the platform's commitment to individual growth and broader societal impact.

2. Insurance Hub: Streamlines insurance acquisition for companies with an intuitive online system. Admins easily add members for instant coverage, and employees manage everything through the app. The platform provides instant underwriting, customization, and flexible payment options. Unique features include rewarding healthy habits through dynamic underwriting and adding coverage options like pet, bicycle, smartphone, headphone, and watch protection.

3. Wellbeing Hub: Prioritizing holistic health, this hub offers tools for physical, mental, and financial well-being. From telemedicine to education resources, it supports employees in their personal and professional growth.

4. Rewards Hub: Recognizing contributions, this hub promotes engagement through points, bonuses, and milestone celebrations. It offers diverse rewards, discounts, and customized options, fostering a culture of appreciation.

Betterfly's platform transforms insurance, well-being, and rewards into a unified, user-friendly experience. By addressing various aspects of employee needs, it cultivates a positive workplace culture and supports social impact, contributing to personal and collective growth.

Recognitions

 * Betterfly earned recognition in CB Insights' annual list, known as Insurtech 50, for both 2022 and 2023. The accolade places Betterfly in the Life and Health category within the ranking. Selection criteria encompass research and development efforts, market potential, and technological innovation.
 * Additionally, Betterfly was featured in the LinkedIn Top Startups 2022 list, which spotlights startups from Argentina, Brazil, Chile, Colombia, and Mexico. The selection process relied on exclusive LinkedIn data, considering metrics like growth, job posting engagement, user interactions, and recruitment strategies.

Social Causes Supported
Through user-generated social donations by adopting healthy habits through its application, Betterfly supports over 40 nonprofit organizations across Ibero-America.


 * 1) Vivir más Feliz: Enhancing the quality of life for children with cancer in Chile through comprehensive care and complementary therapies.
 * 2) América Solidaria: Providing educational and financial support to children and adolescents in vulnerable situations across Latin America.
 * 3) Techo para Chile: Combating poverty in informal settlements by offering food and education in Chile.
 * 4) Fundación las Rosas: Caring and supporting vulnerable elderly individuals in Chile through meals and care. Betterfly contributes by providing nutritious lunches to this foundation.
 * 5) Fundación CONIN: Aiming to eradicate child malnutrition in Argentina while extending efforts to Latin America and the world. Over 100 support centers offer assistance to thousands of children weekly. Betterfly contributes by offering pediatric consultations and essential medical aid.
 * 6) Fundación Leer: Promoting literacy and reading in Argentina by training institutions and networks to design reading projects. Betterfly supports by enriching reading environments with materials and books for children.
 * 7) Gerando Falcões: Dedicated to elevating Brazilian favelas through education and economic development. Betterfly contributes by providing study scholarships to create opportunities.
 * 8) IEPPC: Supporting vulnerable families by offering education and meals. Betterfly contributes by providing nutritious snacks for children and adolescents.
 * 9) Perú Champs: Providing quality education to disadvantaged girls and boys with talents. Betterfly contributes by providing school supplies.
 * 10) Fútbol Más: Utilizing soccer for social transformation in Peru. Betterfly contributes by providing sports materials for annual programs.