The Chilean benefits startup Betterfly has just become the first social enterprise to acquire unicorn status (i.e. to achieve a valuation of over US$1 billion). This milestone, in addition to confirming the good moment of the Chilean entrepreneurial environment, puts the focus on companies with a social sense, which are increasingly growing in our country.
Betterfly, a revolutionary employee wellness benefits app that rewards healthy habits with charitable donations, this week became the first Latin American B-certified company to be valued at more than US$1 billion and become a unicorn.
Chilean innovation with a social sense is making 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 bringing financial protection, empowering people to help others and take care of their own mental, physical and financial well-being.
Betterfly puts social impact and purpose at the core of its proposition and from the outset made the decision to certify as a B-Corp and structure itself as a Public Benefit Corporation in the United States, with a legal mission and business model that considers a "triple bottom line" - People, Planet and Profit - extending benefits to shareholders, communities and employees alike.
But it is not the only case. According to Sistema B, Chile today has more than 200 B-companies, making it the country with the second largest number of B-companies in Latin America, behind only Brazil. Chile is also the country with the most B-companies per capita in the world, and it was in Chile that the first B-company in Latin America, TriCiclos, founded by Gonzalo Muñoz, was certified.
Social entrepreneurship distinguishes us and matches the attribute that most identifies us Chileans, according to our national pride study: solidarity.
All B companies measure their social and environmental impact and commit themselves personally, institutionally and legally to make decisions considering the long-term consequences of their actions on the community and the environment. They take responsibility and pride in belonging to this global movement of companies that want to make a change, using market forces to provide solutions to social and environmental problems. To create the future.
B Corporations have 4 key elements. Purpose: they are motivated by creating a positive impact on society and the environment. Legal requirement: extends the fiduciary duty of shareholders and managers to include non-financial interests. Certification: evaluated and committed to improving their management and transparency standards. Interdependence: are part of a community through a declaration of interdependence.
According to Sistema B figures, 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 fairly centered in the Metropolitan region (75%), followed far behind by the Los Lagos region (10%), and the rest of the country. In terms of 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 in "Best for the world", an award granted by the U.S. NGO B Lab Global and Sistema B, to a total of 800 companies worldwide. The Chilean companies recognized were: Regional Food, Finmas, Socialab, Inversiones Focus, TriCiclos, Estudios y consultorías 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 and Betterfly.
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