Unicorn of healthy habits, Chilean startup Betterfly announces acquisition and arrives in Europe
The startup completed the purchase of the Spanish company Flexoh, with flexible benefits, which formalizes the company’s official entry into the European market.
the chilean startup betterfly, in insurance, wants to take the idea of rewarding people for good habits around the world. This Monday, the 11th, the startup announced the purchase of the Spanish company Flexoh, with flexible remuneration for companies, and the company’s official entry into the European market.
The startup has gained space in the market by encouraging healthy habits among policyholders. In exchange for greater coverage in their policies or to obtain credits that can be used for donations to social and environmental causes, users are rewarded for adopting more “zen” practices such as meditation, yoga, other sports or a more balanced diet.
In Betterfly’s business model, the customers are the companies, while the rewarded users are the direct employees of the companies. The proposal has already earned the startup the title of unicorn, that is, a market value that exceeds US$ 1 billion. The status comes after a Series C investment round earlier this year that crowned Betterfly as the first socially focused company to achieve the feat in Latin America.
“Entering Europe is a big challenge, but we found in Flexoh the perfect team for expansion outside Latin America”, says Eduardo della Maggiora, founder and CEO of Betterfly.
Betterfly’s internationalization began in Brazil, the company’s first market after Chile. Currently, Betterfly’s Brazilian operation has around 100 employees and serves 50 client companies.
The next target, according to the company, is the American market — the company intends to reach the United States in 2023. By 2025, the proposal is to impact about 100 million people in all markets where Betterly is.