The Chilean benefits startup Betterfly has just become the first social enterprise to acquire the status of a unicorn (which means obtaining a valuation of more than US$ 1 billion). This fact, besides confirming the good moment of the Chilean business environment, puts the focus on companies with social sense, which are growing more and more in our country.
Betterfly, a revolutionary employee wellness benefits app that rewards healthy habits with charitable donations, became this week the first Latin American company with B certification when it was endorsed for more than US$ 1 billion and became a unicorn.
Chilean innovation with social significance is becoming a relevant space in the world, as is the case of Betterfly, led by its founder and CEO, Eduardo della Maggiora, who with this startup developed a pioneering benefits model in a new way of providing financial protection, enabling people to help others and take care of their own mental, physical and financial well-being.
Betterfly places social impact and purpose at the center of its proposition and from the outset made the decision to certify as a B-Corp (B Company) and structure itself as a Public Benefit Corporation in the United States, with a legal mission and a business model that considers a "triple bottom line" - People, Planet and Profit - extending benefits to shareholders, communities and employees alike.
However, this is not the only case. According to the B System, Chile currently has more than 200 B-companies, which positions the country as the second largest number of B-companies in Latin America, just behind Brazil. Chile is also the country with the most B companies per capita in the world, and was the country that certified the first B company in Latin America, TriCiclos, founded by Gonzalo Muñoz.
Social entrepreneurship distinguishes us and is aligned with the attribute that most identifies us Chileans, according to our study of national pride: solidarity.
All B companies measure their social and environmental impact and commit themselves personally, institutionally and legally to make decisions taking into account the long-term consequences of their actions on the community and the environment. They assume with responsibility and pride their participation in this global movement of companies that want to change, using market forces to provide solutions to social and environmental problems. To create the future.
B companies have 4 key elements. Objective: they are motivated by the creation of positive impact on society and the environment. Legal requirement: broadens the fiduciary duty of shareholders and managers to include non-financial interests. Certification: is evaluated and committed to improving its management and transparency standards. Interdependence: are part of a community through a declaration of interdependence.
According to the data of Sistema B, the industries with the highest representation of B companies in Chile are professional and technical services (21%), retail (12%) and manufacturing (11%), and their distribution is quite centered in the Metropolitan region (75%), followed far behind by the Lakes region (10%), and the rest of the country. Regarding the number of workers, most Chilean B companies have between 1 and 49 workers (73% of the companies).
In 2021, a total of 28 Chilean companies were recognized as "Best for the world", an award granted by the American NGO B Lab Global and Sistema B, for a total of 800 companies worldwide. The Chilean companies recognized were: Regional Food, Finmas, Socialab, Inversiones Focus, TriCiclos, Estudios e as consultancies Focus, Degraf, Cultiva Empresa, eClass, Aguas Santa Amalia, GeGo, Target-DDI, Mujeres del Pacífico, STC Sunbelt, Proyecta, Funeraria Hogar de Cristo, Próxima, Dictuc, Nodo Chile, Rising Sun Chile, Iconosur, Ciudad Luz, Agrícola Sauco, Green Spot, Armony, Balloon Latam, Caja Vecina e Betterfly.