Betterfly Valuation, Funding & Investors

Betterfly is valued at $1B as of February 2022.

Last Betterfly valuation

$1B

Series C · Feb 2022

Last Betterfly funding round

$125M

Series C · Feb 2022

Cumulative funding Betterfly raised

$205M

across 5 funding rounds

Key investors in Betterfly

Betterfly Overview

About Betterfly

Betterfly is a Chilean employee-benefits and insurance technology company founded in 2018 by brothers Eduardo and Cristobal della Maggiora, originally under the name Burn to Give. Its digital platform lets employers offer staff telemedicine, financial education and life insurance whose cover grows at no cost as employees build healthy habits, and it converts those habits into donations to charities. The company changed its business model in 2020 after the pandemic and became the first social unicorn in Latin America in February 2022, when it raised 125 million US dollars in a Series C at a valuation of 1 billion US dollars. It bought Kunder, Xerpa, Racional, Nesto, Hey Pay and ProSuenos in 2021, Flexoh in Spain and SeuVale in Brazil in 2022, and minu in Mexico in 2026. It operates in Latin America, the United States and Spain.


Founded

2018

HQ

ChileSantiago

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$1B (Feb 2022)

Betterfly Valuation

Betterfly is currently valued at $1B, based on its Series C in February 2022. Read the announcement ↗

The $125M round was led by Glade Brook Capital Partners, with participation from Asiri, Alma Mundi Ventures, GG Capital, Greycroft, QED Investors and 3 other investors.

Betterfly's valuation has grown 3.3x from $300M at its Series B in June 2021 to $1B in February 2022, across 2 priced rounds.

Betterfly valuation by funding round

Betterfly valuation by funding round
DateStageValuation
Feb 2022Series C$1B
Jun 2021Series B$300M

Betterfly Funding History

Betterfly has raised a total of $205M across 5 funding rounds.

Betterfly's first fundraising round was a $2M seed round in December 2018. The most recent completed round was a $125M Series C in February 2022.

Betterfly funding rounds

Betterfly funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Series CGlade Brook Capital Partners (lead); Asiri; Alma Mundi Ventures; GG Capital; Greycroft; QED Investors; Flucas Ventures; Lightrock; DST Global$125M$1BGlade Brook Capital Partners led a $125 million Series C in the Chilean insurtech Betterfly, announced on 1 February 2022 at a reported valuation of $1 billion, which made it Chile's third unicorn. Greycroft and Lightrock joined as new investors, and existing backers QED Investors and DST Global, which had led the Series A and Series B, followed on. Betterfly said the proceeds would fund launches in Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica during 2022, with the United States, Portugal and Spain to follow. Founded in 2018 by brothers Eduardo and Cristobal della Maggiora as Burn to Give, the company sells employers a digital benefits platform that rewards employees' healthy habits with growing life insurance cover and charitable donations. The round took total equity raised to about $200 million.
Jun 2021Series BSoftBank Group (lead); DST Global (lead); QED Investors; Endeavor Catalyst; Valor Capital Group; Bossa Invest$60M$300MBetterfly, the Chilean insurtech and employee-benefits platform, raised $60 million in June 2021 from DST Global, QED Investors, Valor Capital Group, Endeavor Catalyst and SoftBank Latin America Fund. The announcement, made in mid-June 2021, valued the company at $300 million and brought total funding to about $80 million across three rounds, following a Series A of $17.5 million led by QED six months earlier. Betterfly was founded in 2018 by brothers Eduardo and Cristobal della Maggiora as Burn to Give. Its digital platform lets employers offer staff telemedicine, financial education and a life insurance policy whose cover grows without cost as employees build healthy habits, while converting those habits into social donations. The company said the capital would fund its expansion beyond Chile, starting with Brazil.
Dec 2020Series AQED Investors (lead); VentureSouq; Endeavor Catalyst$9M-QED Investors led a Series A round in the Chilean employee-benefits and insurtech platform Betterfly, announced at the end of December 2020. Press reports put the round at $9 million, and it extended an earlier Series A so that total Series A funding reached $17.5 million. It was QED's first investment in Chile. Betterfly was founded in 2018 by Eduardo della Maggiora, originally under the name Burn to Give. The company offers an all-in-one digital benefits platform for employees that rewards healthy habits with life insurance cover that grows at no cost and with social donations. Plans include telemedicine, psychological support, nutrition, virtual fitness, meditation and financial education. At the time it reported more than 25,000 individual customers and corporate clients such as Samsung, P&G and WOM, and said it would use the capital to grow and expand internationally, with a focus on Brazil.
Jul 2020Series AAlbatross Capital (lead); Bio Ritmo; Mario Solari; Katapult; JPMorgan Chase; Grupo Prisma; Endeavor Catalyst$9M--
Dec 2018SeedAsiri; Impacta VC$2M--

Who has invested in Betterfly?

21 investors have backed Betterfly across its funding rounds, including Endeavor Catalyst, QED Investors, DST Global, Asiri, SoftBank Group and Greycroft.

Lead investors include Glade Brook Capital Partners, SoftBank Group, DST Global, QED Investors and Albatross Capital.


Betterfly Investors

Investors in Betterfly by funding rounds participated
InvestorHQRoundsRoleFirst check
QED InvestorsUnited StatesAlexandria, VA3LeadDec 2020
Endeavor CatalystUnited StatesNew York City, NY3ParticipantJul 2020
AsiriColombiaBogotá2ParticipantDec 2018
DST GlobalCayman IslandsGeorge Town2LeadJun 2021
Bio RitmoBrazilSão Paulo1ParticipantJul 2020
Mario SolariUnited KingdomUnited Kingdom1ParticipantJul 2020
Alma Mundi VenturesSpainMadrid1ParticipantFeb 2022
Glade Brook Capital PartnersUnited StatesGreenwich, CT1LeadFeb 2022
SoftBank GroupJapanTokyo1LeadJun 2021
Impacta VCChileSantiago1ParticipantDec 2018
VentureSouqUAEDubai1ParticipantDec 2020
Albatross CapitalPortugalLisbon1LeadJul 2020
GG CapitalChileSantiago1ParticipantFeb 2022

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Acquisitions by Betterfly

Betterfly has acquired 9 companies to date.

Last acquisition by Betterfly was on June 9th 2026. Betterfly acquired minu for $100M.


Latest Acquisitions by Betterfly

minu
Seuvale
Flexoh
Xerpa
Description
minu is a Mexican employee benefits and compensation platform that employers use to offer workers earned wage access and other benefits. The company was founded in 2019 by Nima Pourshasb, Rafel Niell and Paolo Rizzi and is based in Mexico City. Its platform covers on-demand salary, savings accounts, telemedicine, insurance and assistance services, discount clubs, loans and prepaid cards for food vouchers, fuel vouchers and corporate expenses. Employers manage the plans from a web platform while employees use a mobile app. The company states that it has more than one million employees benefiting, 20 million on-demand salary withdrawals and an ISO 27001 certification. It raised about US$50 million from investors including QED Investors, FinTech Collective, Salkantay and Nazca, and agreed in June 2026 to be acquired by the Chilean-American insurtech Betterfly.
Seuvale is an instant credit distribution platform operating in Southeast Asia, disbursing microloans to unbanked consumers via mobile wallets. Launched in 2021 from Indonesia, it partners with 10 lenders to approve 50,000 credits monthly using alternative data scoring. Seuvale integrates with Gojek and OVO for seamless payouts.
Flexoh is a platform for flexible employee remuneration packages in France and Spain. It enables companies to customize benefits including meal vouchers, transportation allowances, health insurance, and gym memberships via digital wallets. Flexoh integrates with payroll systems from Sage and ADP, processing distributions for mid-sized enterprises across Europe.
Xerpa is a Brazilian human resources technology company whose main product, Xerpay, is a salary-on-demand service. Employees of client companies draw wages they have already earned before payday for a low fixed fee, which is debited on the next payday at no cost to the employer. The company was founded in 2015 and started as HR software. It raised a R$ 16 million Series A in May 2019 led by QED Investors and a US$13 million Series B in September 2019 led by VEF, with Kaszek Ventures, Redpoint e.ventures and Founders Fund also investing. Customers included MercadoLivre, Nubank, iFood, CCR, Creditas and QuintoAndar, and more than 60,000 workers had access to Xerpay by 2021. The Chilean employee benefits company Betterfly agreed to acquire Xerpa in September 2021.
HQ CountryMexicoBrazilSpainBrazil
HQ City
Mexico City
São Caetano do Sul
Alicante
São Paulo
Deal Date9 Jun 202610 Nov 202211 Jul 202222 Sep 2021
Valuation$100Mundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Betterfly Competitors

Betterfly competitors include listed companies like GoodRx and AIX Inc., and private ones like Thatch, PayZen, Curative and Grand Rounds.

Public and private companies comparable to Betterfly
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ThatchUnited StatesSan Francisco, CAPrivate--$1B-
GoodRxUnited StatesUnited StatesPublicly listed$797M$173M$1.2B1.8x
PayZenUnited StatesSan Francisco, CAPrivate--$1.2B-
CurativeUnited StatesAustin, TXPrivate--$1.3B-
Grand RoundsUnited StatesSan Francisco, CAPrivate--$1.3B-
AIX Inc.ChinaChinaPublicly listed$84M($345M)$499M-

Betterfly Public Comps

Betterfly is still privately-owned, but its public comps include Eurowag, GoodRx, AIX Inc., Evolent Health, Hapvida, Value HR, MetropolCard, Personal Group Holdings, Cegedim and Progyny.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eurowag$2.6B$115M0.5x3.2x11.1x7.9x
GoodRx$797M$173M1.8x1.8x8.3x5.7x
AIX Inc.$84M($345M)6.0x-(1.5x)-
Evolent Health$1.9B($365M)0.7x0.5x(3.7x)10.2x
Hapvida$5.8B$749M0.3x0.3x2.4x3.8x
Value HR$64M$9M4.2x3.9x29.5x-
MetropolCard$49M$26M3.1x-5.7x-
Personal Group Holdings$65M$16M2.2x2.0x9.3x7.9x

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Common questions about Betterfly

When was Betterfly founded?Betterfly was founded in 2018.
Where is Betterfly headquartered?Betterfly is headquartered in Santiago, Chile.
Is Betterfly publicly listed?No, Betterfly is a private, VC-backed company.
What is Betterfly's valuation?Betterfly was last valued at $1B in its Series C in February 2022.
How much funding has Betterfly raised?Betterfly has raised $205M across 5 funding rounds.
What was Betterfly's last funding round?Betterfly's last funding round was a $125M Series C in February 2022, led by Glade Brook Capital Partners.
Who are Betterfly's investors?Betterfly's investors include QED Investors, Endeavor Catalyst, Asiri, DST Global, Bio Ritmo, Mario Solari, Alma Mundi Ventures, Glade Brook Capital Partners, SoftBank Group, Impacta VC and 11 others.
Which companies are comparable to Betterfly?Companies comparable to Betterfly include Thatch, GoodRx, PayZen, Curative, Grand Rounds and AIX Inc..
How many companies has Betterfly acquired?Betterfly has acquired 9 companies, including minu, Seuvale, Flexoh, Xerpa and Hey Pay.
What was the largest acquisition by Betterfly?The $100M acquisition of minu in June 2026 is the largest acquisition Betterfly has made to date.

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