Chile-based insurtech platform Betterfly has raised $125m in a Series C funding round led by Glade Brook Capital.

The round, which values the firm at $1bn, was joined by new backers Greycroft, Mundi Ventures, and Lightrock.

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Betterfly’s existing investors QED Investors and DST Global Partners, who led its Series A and Series B rounds, respectively, also joined the round. 

Founded in 2018, Betterfly follows a “prevention, protection and purpose” approach. 

Betterfly incentivises its customers to live a healthy lifestyle. They can use the rewards for life insurance coverage or charitable donations.

The insurtech platform will use the funding to fuel its international growth strategy. 

To this end, Betterfly plans to begin operations in seven new markets this year that include Mexico, Colombia, Argentina, Peru, Ecuador, Panama, and Costa Rica.

In 2023, the firm plans to foray into three new markets that include Spain, US, and Portugal. 

The proceeds will also be used to grow Betterfly’s platform, launch new insurance products, add new lifestyle and financial services to benefits offerings, and form new partnerships with insurance carriers and financial services firms. 

Currently, Betterfly employs over 500 people from 17 countries. To support its global expansion, the firm also plans to increase its headcount. 

The latest funding comes six months after Betterfly’s $60m Series B funding round.

In December 2021, Betterfly joined forces with Chubb to offer insurance cover to the underserved population in the Latin American region.