Chile-based Betterfly, which lets companies offer digital benefits to reward healthy habits, raises $60M from SoftBank and others at a $300M valuation
Eduardo Thomson / Bloomberg : Tweets: @bloombergau Tweets: Bloomberg Australia / @bloombergau : SoftBank makes its first foray into Chile by taking part in a $60 million funding round for Betterfly, a health technology company https://www.bloomberg.com/...
Context & Ripple Effects
SoftBank has been circling the employee-wellness category since its 2019 bet on Gympass, the fitness-perks platform serving thousands of employers — and with this $60M check into Betterfly it extends the thesis into Latin America while making its first investment in Chile outright. The round lands alongside a broader wave of Chilean startups pulling institutional money: Buk raised a $50M Series A for HR management software just months earlier, and fintech Fintual drew Sequoia into a Series B.
First-order effects
- Betterfly gets $60M at a $300M valuation to scale its employer-facing model, where companies offer digital insurance-style benefits tied to employees' healthy habits.
- SoftBank converts Chile from an uncovered market into a portfolio geography, opening its first direct position there through a single health-tech bet rather than a fund structure.
Second-order effects
- Employer-benefits startups across Latin America now have a proven SoftBank-backed comparable, raising the valuation bar for rivals pitching corporate clients on wellness-linked perks.
- Chilean enterprise-software players like Buk sit adjacent to the same HR buyer, making payroll-and-benefits bundling or partnership the natural competitive response.
Third-order effects
- The pattern — global growth capital buying into LatAm employer-facing software one flagship deal per country at a time — points toward consolidation of regional HR-and-benefits stacks under foreign-led investors, with Betterfly's trajectory (it went on to raise a $125M Series C at a $1B valuation) showing how fast that re-rating can move.
The trend: Global growth investors are consolidating Latin American employer-facing software and benefits platforms country by country, using anchor bets like Betterfly to open new geographies.