Lucas Melman (Betterfly): “No other company is doing what we are doing.”

Don’t worry, we talk:
Spanish ((((Spanish).that too!

So far, the only three unicorns that have emerged from Chile are Cornershop, NotCo, and Betterfly, who joined the club only when they raised US $ 125 million in a Series C round last February. At that time, he warned that the expansion was imminent this year. And that was: This week it announced the start of business in Mexico with an investment of US $ 20 million.

The insurance start-up is the “first social unicorn” in Latin America because it is the only company to receive B Corp certification for companies that create value not only for shareholders but also for employees, communities and the environment. Has established itself as a company. .. It has arrived in Mexico with 50 jobs as part of its first phase.

What does Betterfly do? It gives businesses life insurance for their workers, and their coverage expands as they register for greater healthy habits. They need to do this through apps that offer telemedicine, psychology, nutritionists, fitness, and other benefits. You can also turn healthy activities into donations for social purposes. Companies can analyze team data, create shared goals, and use other global features.

Betterfly is backed by funds such as SoftBank, QED Investors, DST Partners, Valor Capital and Endeavor Catalyst. In addition, we have partnered with insurance company Icatu to enter the Brazilian market and with insurance company Chubb in other Latin American countries.

To find out more about Betterfly, we talked to Lucas Melman, Country Manager in Mexico.

What are your opportunities for Betterfly?

The opportunity we see in Latin America is to provide space for both companies and their employees to participate in social and environmental initiatives. This is a very hot topic in the area. Our platform includes health and wellness, financial protection with insurance, social and environmental responsibilities, so we are a facilitator for the new generation to work for the company with a purpose.

Betterfly has seen remarkable growth lately. How is this progress going in a country where you already do business?

In Chile, we have signed more than 2,000 contracts in one year. And it opened in Brazil at the end of last year, and now in Mexico. Mexico is expected to have an impact equal to or greater than Chile. That’s why we’ll secure US $ 20 million in the first phase of our last round of funding and start with 50 employees.

Lucas Melman, Better Fly Country Manager in Mexico. (Photo: Betterfly).

What does the first “social unicorn” in Latin America mean?

Being a social unicorn is a means, not an end. Being one wasn’t the goal, but we’re proud to know that the market and investors value the company with a purpose. It also gives us the capital to reach more markets in order to change and improve the lives of more people. We are BCorp and it is also incorporated as Public Benefit Corporation. That is, fiduciary duty that produces social and environmental impacts as well as financial results. We want to impact the lives of 100 million people by 2025.

What was your differentiator?

Mainly two. We reward the good habits of our client employees and expand their coverage. Therefore, they have an incentive to participate. And it creates healthy competition. We turn people’s well-being into entertainment and create social impact.

What do you think is the secret to Betterfly’s success?

We have a purpose at the core of our business. We are breaking the paradigm that a company exists to produce results for our shareholders. This is basic, but I don’t think it’s the reason for the company’s existence. The purpose is why it exists.

How do you make what you offer accessible?

Doing so is essential to achieving our goals and reaching 100 million people. To do this, we are tasked with finding the best service on the market and seeking the best negotiations with our clients. Prices vary from market to market and range from $ 4 to $ 6 per worker per month.

The CEO of Betterfly met with the Presidents of Colombia and Ecuador and was invited by the Mayor of Miami. What is the reason for this approach to the government territory? Does this happen in Mexico?

Because there are very innovative models. No other company is doing what we are doing. That’s why it’s getting the attention of the government. We are not currently doing anything in Mexico, but we are pleased to be able to cooperate as the government plays an important role in Mexico as a large employer.

What’s the next step at LatAm?

This year, in addition to Mexico, we will start operations in six countries: Ecuador, Peru, Colombia, Argentina, Costa Rica and Panama. It will reach the United States and Europe in 2023. Lucas Melman (Betterfly): “No other company is doing what we are doing.”

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