Why QED invested in Betterfly

Congrats to Betterfly for reaching the Series C milestone. Making it into the unicorn club in such short time is impressive, but even more so is to witness the speed at which the company executes. The company has done an incredible job bringing top talent and shipping product all year. The team continues to leverage the very powerful combination of being commercially focused and mission driven. I must admit, at times it is hard to keep up. But then again, it is not every day that you get to witness a company grow 20X+ firsthand!

QED led the Series A at Betterfly in Dec 2020, which feels like a lifetime ago. Once we had seen some of the early sales data and how quickly and efficiently clients were converting, we were convinced to dive in – something special was happening. I spoke with several early clients to get a better understanding of just what problems Betterfly was solving, and it was clear that the company found a product that both employers and employees loved.

From that early traction, the company has continued to run, scaling quite quickly throughout 2021. The company was building out the team, ramping sales and marketing, and dealing with COVID all at the same time. The most impressive thing has been the focus on building the right culture at Betterfly. This company lives and breathes being mission oriented. These traits have quickly become competitive advantages for the company as talent is attracted to making a difference and the long-term mentality of the Betterfly team.

Eduardo della Maggiora and team put me to work! Thankfully I was very excited to be along for the ride, and as board member, I got an inside look at the company negotiating deals with insurers, expanding markets beyond Chile, launching new products and executing several acquisitions. We at QED are thrilled to be a part of the story and to continue to invest in the company through its Series B (June 2020) and, today, its Series C financing. Eduardo is not scared to dream big, and that energy permeates across the entire company.

Betterfly now counts 2,500 companies as clients, reaching hundreds of thousands of employees through its platform. The company signed major deals to enter Brazil and expand across LatAm with Icatu and Chubb, respectively.  These deals give the company access to top of line insurance products and the potential to reach millions of customers. In 2022, the company is planning expansions to seven new countries – Mexico, Colombia, Argentina, Peru, Ecuador, Panama and Costa Rica. After making six acquisitions in 2021, the company now counts earned wage access and gift vouchers as part of is benefits offering. The Betterfly team is now over 500 strong.

We invested in the Series A because we saw the potential for a great product. We invested in the Series B because we saw how quickly the company scaled and how well they executed. We invested in the Series C now because we are convinced that Betterfly can change the world.

Betterfly has a mission to change the lives of millions around the world. I’m convinced that for Betterfly, this is only the beginning. I can’t wait to see what they do next.

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