Betterfly, an InsurTech startup, has closed its Series B on $60m, coming just six months after its former round.
Commitments to the round came from partners of DST Global, QED investors, Valor Capital, Endeavor Catalyst and the SoftBank Latin America Fund.
The capital injection will be used to further the development of the platform and build key partnerships with insurance carriers and strategic players in financial services, healthcare and wellbeing spaces.
Funds will also be used to help the InsurTech company expand across Latin America, beginning in Brazil.
Betterfly, which is based in Chile, previously raised $18m in its Series A round in January 2021. The round was backed by QED Investors.
Founded in 2018 by Eduardo della Maggiora, the InsurTech company claims to be reinventing product and distribution within insurance through an embedded insurance B2B2C model. Its service combines wellbeing, insurance and social purpose to encourage people to live healthier.
It leverages game mechanics and behavioural science to provide people with financial protections and help them protect their own mental, physical and financial wellbeing. The platform will track users’ good habits and reward this with charitable donations and life insurance coverage.
Betterfly founder and CEO Eduardo della Maggiora said, “We want to democratize access to physical, mental and financial wellbeing, and empower people to become the best version of themselves while making an impact on their families and communities.
“As more companies and consumers adapt to the acceleration of the digital transformation, our goal is to bring 70% of the population into our ecosystem, with a focus on the low-and middle-income demographic. We are confident that, with our unique embedded insurance platform, which provides more affordable, relevant and personalized insurance to people when and where they need it most, we are well-positioned to achieve our goal.”
The InsurTech company has raised a total of $80m in equity.
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