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Draft:Betterfly

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Betterfly
Formation2018
FounderEduardo della Maggiora
Founded atChile
TypeStartup
HeadquartersChile
ServicesSoftware as a Service (SaaS)
President
Cristobal della Maggiora
Staff
300
Websitehttps://betterfly.com/es-cl/
Formerly called
Burn to Give

Betterfly, previously Burn to Give,[1] is a B2B chilean startup company that provides employee and customer benefits.[2] The company was co-founded in 2018 by Eduardo della Maggiora and his brother, Cristóbal della Maggiora.[3] In February 2022, the insurtech became a latin american unicorn when raising $125 million in a funding round and being valued at $1 billion.[2]

History[edit]

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

In 2018, they created Burn to Give, an initiative that aimed to transform the calories burned while exercising into food donations for undernourished children.[4] To carry out the donations, the company developed a mobile application that tracks the user's physical activity.


The company's first donations were made to Leche para Haití, Meds & Foods For Kids and Red de Alimentos non-profit organizations.[5]

In 2020, they changed its name to Betterfly, making profound changes to its business model by focusing exclusively on corporate benefits.[6] In 2021, it sponsored the Teleton, a chilean charity television event, by donating US$476,000 to the campaign. This contributes to the array of donations and campaigns conducted by the company, resulting in over US$5 million donations to several causes as of June 2023.

In 2022, it made the list of unicorn companies by raising US$125 million in a funding round, resulting in a valuation of US$1 billion. This allowed them to expand operations to various countries, such as Brazil, Mexico, Ecuador, Colombia, Peru, Argentina, and Spain.[citation needed]

Part of the company's expansion can be attributed to acquiring companies that offered services relevant to its business model. Among the companies that Betterfly acquired are Heypay!, ProSueños, and Nesto in Chile, Xerpa y Seuvale in Brazil[7]

and Flexoh in Spain.[8]

In early 2023, the company announced a new change in its distribution model, consolidating its product as a Software as a Service (SaaS); alongside a corporate rebranding.[9] Shortly after, CEO Eduardo della Maggiora announced the layoffs of 30% of their workforce due to the company's adaptation to the SaaS format, rapid growth leading to duplication of roles and the "complex global economic environment," while assuring that the company "would be in a very strong financial position."[10]

Product[edit]

The company provides a subscription-based model tailored for businesses to offer their employees and/or clients. This subscription grants access to a modular benefits platform designed to track and promote users' healthy habits. Furthermore, it offers a range of corporate benefits including dynamic life insurance, oncological and accident coverage, telemedicine, psychological support, nutritional guidance, veterinary services, fitness programs, educational courses, meal cards, gift cards, and more. Users' adherence to healthy habits also results in donations to various social and environmental causes through the platform.[11]

Recognitions[edit]

  • Betterfly was featured on CB Insights' annual list known as Insurtech 50.[12] Throughout 2022 and 2023, Betterfly was recognized in the Life and Health category of the ranking. The selection process takes into account efforts in research and development, market potential, and technological innovation.
  • Betterfly was included in the LinkedIn Top Startups 2022 list.[13]. This ranking includes startups from Argentina, Brazil, Chile, Colombia, and Mexico. The selection process was based on the use of exclusive LinkedIn data, encompassing metrics such as growth, interest in job postings, user engagement, and recruitment strategies.

Social Causes Betterfly Supports[edit]

By leveraging the social donations generated by users adopting healthy habits through its APP, Betterfly supports over 40 non-profit organizations across Ibero-America.

Global causes[edit]

  1. Water is Life: non-profit organization founded in 2007, dedicated to addressing the global water crisis through innovative technology, education, and community engagement.
  2. One Tree Planted: non-profit organization dedicated to tree planting worldwide, in order to regenerate forests, create habitats for biodiversity, and engage both individuals and businesses in reforestation efforts.
  3. Leche para Haiti: non-profit organization based in Chile, dedicated to addressing child malnutrition in Haiti. Focused on children between 6 months and 5 years old, offering nutritional and medical treatment, along with providing psychosocial support to their families.

Local causes[edit]

  1. Vivir más Feliz: enhances the life quality for children with cancer in Chile through comprehensive care and complementary therapies.
  2. América Solidaria: provides educational and financial support to vulnerable children and teenagers across Latin America.
  3. Techo para Chile: fights poverty by providing food and education services at villages in Chile.
  4. Fundación las Rosas: provides care and support to vulnerable elderly individuals in Chile, offering meals and assistance. Betterfly supports this cause by providing nutritious lunches to the foundation.
  5. Fundación CONIN: aims to eradicate child malnutrition in Argentina, extending its efforts to Latin America and beyond. With over 100 support centers providing weekly assistance to thousands of children, Betterfly contributes by providing pediatric consultations and essential medical assistance.
  6. Fundación Leer: promotes 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 uplifting Brazilian favelas through education and economic development. Betterfly contributes by providing scholarships to create opportunities.
  8. IEPPC: aims to aid vulnerable families through education and nutrition initiatives. Betterfly contributes by providing nutritious snacks for children and teenagers.
  9. Perú Champs: provides quality education to talented underprivileged girls and boys. Betterfly contributes by providing school supplies.
  10. Fútbol Más: leverages soccer for social change in Peru. Betterfly contributes by supplying sports materials for annual programs.

Other Information[edit]

During the global economic crisis triggered by the COVID-19 pandemic and other factors, the company implemented a series of large-scale layoffs in Chile and Brazil during 2022.[14] Betterfly ruled out economic cutbacks as the cause of the layoffs in their primary operational countries. Instead, they stated that the layoffs were intended to streamline their operations.[15]

In November 2022, a labor lawsuit against Betterfly was made public by a former Digital Manager of the company.[16] who was terminated at the end of July of the same year, accused Betterfly of abusive dismissal and violation of his fundamental rights. The company denied the allegations, stating that the lawsuit was being pursued 'in bad faith.' Ultimately, the case was concluded in August 2023, with the withdrawal of the lawsuit.[17]

References[edit]

  1. ^ ""Una buena manera de medir el éxito de una vida es cómo impactamos en la de otros"". MIT Technology Review (in Spanish). 2022-08-30. Retrieved 2022-10-04.
  2. ^ a b Zúñiga, Daniel Fajardo y Carlos (2021-11-02). "Startup chilena Betterfly recauda US$60 millones, más que lo obtenido por Cornershop y NotCo en la misma etapa de inversión". La Tercera. Retrieved 2022-10-04.
  3. ^ Castro, Maolis (2022-02-01). "Qué es Betterfly, el nuevo unicornio de Latinoamérica". Bloomberg Línea (in Spanish). Retrieved 4 October 2022.
  4. ^ FM, Sonar. "'2040' | Conoce Burn to Give: La iniciativa que propone perder calorías para ir en ayuda de niños necesitados". sonarfm (in Spanish). Retrieved 2022-10-04.
  5. ^ "Burn to Give, la app que permite ayudar perdiendo calorías". Pauta (in Spanish). 8 March 2019. Retrieved 2022-10-04.
  6. ^ Ovalle, Isabel. "La transformación de Burn to Give a Betterfly según Eduardo della Maggiora | DFMAS". dfmas.df.cl (in Spanish). Retrieved 2022-10-04.
  7. ^ Staff, Forbes (2021-09-22). "Startup chilena Betterfly adquiere cinco empresas para expandirse por Latinoamérica". Forbes Colombia (in Mexican Spanish). Retrieved 2022-10-04.
  8. ^ "La plataforma chilena Betterfly adquiere la startup alicantina Flexoh". Cuatrecasas (in Spanish). Retrieved 2022-10-04.
  9. ^ Silva, Juan Pablo. "Betterfly cambia su modelo: pasará a ser un Saas | DFMAS". dfmas.df.cl (in Spanish). Retrieved 2023-04-14.
  10. ^ Nieves-Ruiz, Randy (2023-01-18). "Unicornio chileno Betterfly despide al 30% de su plantilla por el 'complejo entorno económico que enfrentamos a nivel mundial'". Forbes Chile (in Spanish). Retrieved 2023-04-14.
  11. ^ InvestChile. "Betterfly: El nuevo unicornio chileno". blog.investchile.gob.cl. Retrieved 2022-10-04.
  12. ^ "Insurtech 50: The most promising insurtech startups of 2022". CB Insights Research. Retrieved 2023-08-14.
  13. ^ "Startups Latam en LinkedIn: LinkedIn Top Startups 2022 | 18 comentarios". es.linkedin.com (in Spanish). Retrieved 2023-08-14.
  14. ^ Castro, Maolis (2022-08-17). "Startups chilenas no pueden contener la ola de despidos que se vive en LatAm". Bloomberg Línea (in Spanish). Retrieved 2022-10-04.
  15. ^ MAS, Equipo DF. "Betterfly tras despido de 40 empleados: "Es algo natural en los procesos de las startups" | DFMAS". dfmas.df.cl (in Spanish). Retrieved 2022-10-04.
  16. ^ Navas, Mateo. "Exgerente interpone demanda laboral en contra de Betterfly, la startup desmiente las acusaciones | DFMAS". dfmas.df.cl (in Spanish). Retrieved 2022-12-21.
  17. ^ "Poder Judicial - Inicio". www.pjud.cl. Retrieved 2023-08-11.
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