SoftBank invests in Betterfly in a Funding Round

SoftBank Group Corp invests in Betterfly. It is a major investor in the Latin American startup scene. Recently, it has made its first investment into a Chile-based health company, Betterfly. It was worth a $60 million funding round.

More on the investment of SoftBank into Betterfly and the company itself

However, many other bigshots were present in the round. Including DST Global, QED Investors, Valor Capital, and Endeavor Catalyst. This round now values Betterfly at $300 million.

Betterfly describes itself as an insurance technology or “insurtech” company. More specifically, it is a digital benefits platform for companies. They reward their employees for healthy habits with life insurance. This insurance grows at no cost and they have the option of donating it to different causes. Other benefits include telemedicine, mental health, exercise programs, nutrition advice, and financial education.

The Santiago-based company has more than 300 firms as its customers. It charges 2,990 pesos (about $4) per company employee that joins the program, said the CEO, Eduardo Della Magiora.

As companies pay more attention to the wellbeing of their employees after the coronavirus outbreak, consequently, the company has shown strong growth. Betterfly began with 20 employees and now it has 130 and growing.

Betterfly SoftBank invests in Betterfly in a Funding Round

Future plans with the investment

After Softbank invests in Betterfly, in recent months, Betterfly has been working on international expansion and plans to use the funds to finance its growth beyond Chile.

We already have our country officer for Brazil in Rio de Janeiro building our team and preparing our launch in a few months. We will be moving our headquarters to Miami, which we believe is the perfect innovation hub to land and expand across Latin America.

Eduardo Della Magiora, CEO, Betterfly

Betterfly raised $18 million in December in its Series A funding round, which was then led by QED. So far Softbank’s Latin America Fund has invested in Colombia, Brazil, Mexico, and Argentina.

Della Magiora said he’s not too concerned about when it may reach the iconic “unicorn” status, of startups valued above $1 billion.

“With the speed at which we’re growing and the massive opportunity we see across the region, I think this may happen sooner, rather than later,” he said.


Alex is a seasoned editor and writer with a deep passion for technology and startups. With a background in journalism, content creation, and business development, Alex brings a wealth of experience and a unique perspective to the ever-changing world of innovation. As the lead editor at Startup World, Alex is committed to discovering the hidden gems in the startup ecosystem and sharing these exciting stories with a growing community of enthusiasts, entrepreneurs, and investors. Always eager to learn and stay updated on the latest trends, Alex frequently attends industry events and engages with thought leaders to ensure Startup World remains at the forefront of startup news and insights. Alex's dedication and expertise help create an engaging platform that fosters knowledge-sharing, inspiration, and collaboration among tech-savvy readers worldwide.

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