Unicorns Companies in Chile in 2024
Chile's rise as a leader in the Latin American startup scene is truly impressive. In just over ten years, it has become a center of innovation, creating several unicorn companies that are gaining global attention. This transformation began with the Chilean government's launch of Start-Up Chile in 2010, an accelerator program that brought international talent to the country and boosted local entrepreneurship.
Today, unicorns companies in Chile are reshaping their industries. NotCo, a food-tech company, uses AI to create plant-based alternatives. Betterfly, an insurtech startup, is revolutionising wellness benefits. These companies highlight Chile's vibrant startup environment.
The government's continued support through programs like Start-Up Chile and regulatory changes has been vital for this growth. Chile's successful startups are not only expanding but also inspiring new entrepreneurs, paving the way for ongoing innovation and investment.
Now, let's look at the unicorn companies in Chile.
Rundown
S.No |
Name |
Valuation |
Unicorn Milestone Date |
City |
Industry |
|---|---|---|---|---|---|
1 |
NotCo |
$1.50B |
2021-07-26 |
Santiago |
Consumer & Retail |
2 |
Betterfly |
$1B |
2022-02-1 |
Santiago |
Enterprise Tech |
List of Unicorns in Chile
NotCo
- Valuation: $1.50B
- Industry: Consumer & Retail
- Investors: Kaszek Ventures, SOSV, Tiger Global Management
- Unicorn Milestone Date: 7/26/2021
About
NotCo, founded in 2015 in Santiago, Chile, is a food technology company that leverages artificial intelligence to create plant-based alternatives to animal products. The company's proprietary AI, named Giuseppe, analyzes the molecular structure of animal-based foods and identifies plant-based ingredients that can replicate their taste, texture, and nutritional value. NotCo aims to revolutionize the food industry by offering sustainable, plant-based products that do not compromise on flavour or quality.
Target Audience
NotCo primarily targets:
- Health-conscious consumers looking to reduce their intake of animal products.
- Environmentally conscious individuals concerned about the ecological impact of animal farming.
- Vegans and vegetarians seeking high-quality plant-based alternatives.
Foodies interested in innovative and sustainable food options.
Business Model
NotCo operates on a dual business model that includes both Business-to-Consumer (B2C) and Business-to-Business (B2B) segments:
B2C (Consumer Packaged Goods):
- Retail Sales: NotCo sells its products through various retail channels, including supermarkets and online platforms like Amazon.
- Direct-to-Consumer: Consumers can purchase NotCo products directly from their website or through other e-commerce platforms.
B2B (Business Partnerships): - Collaborations with Food Brands: NotCo partners with established food companies like Kraft Heinz and Mars Wrigley to co-develop new plant-based products.
- Foodservice: The company collaborates with restaurants and food chains, such as Shake Shack, to offer plant-based menu items.
Key Offerings
- NotMilk: Plant-based milk alternative.
- NotBurger: Plant-based burger patties.
- NotChicken: Plant-based chicken alternatives.
- NotMayo: Plant-based mayonnaise.
- NotIceCream: Plant-based ice cream.
Key Management
- Matías Muchnick: Co-founder and CEO
- Karim Pichara: Co-founder and Chief Technology Officer
- Pablo Zamora: Co-founder and Senior Scientific Advisor
Investment Timeline
- 2018: Secured $3 million in a seed round led by Kaszek Ventures.
- March 2019: Received a $30 million investment from Bezos Expeditions.
- September 2020: Raised $85 million in a Series C round.
Betterfly
- Valuation: $1B
- Industry: Enterprise Tech
- Investors: QED Investors, DST Global, Endeavor
- Unicorn Milestone Date: 02/01/2022
About
Betterfly is a Chilean insurtech founded in 2018 that offers an innovative employee benefits platform combining insurance, wellness, and social impact. As one of the notable unicorn companies in Chile, Betterfly achieved unicorn status in 2022 with a $1 billion valuation after raising $125 million in a Series C funding round. Betterfly's platform incentivizes healthy habits by rewarding users with increased life insurance coverage and the ability to make charitable donations.
Target Audience
Betterfly primarily targets companies and their employees, focusing on small and medium-sized businesses that often struggle to provide comprehensive insurance benefits. The platform is designed to appeal to organizations looking to improve employee well-being, engagement, and retention through a holistic benefits package.
Business Model
Betterfly operates on a B2B2C model, selling its platform to companies who then offer it as a benefit to their employees. The core of their business model includes:
- Subscription-based service: Companies pay a monthly fee for access to the platform.
- Personalized insurance: Employees can select and customize their insurance coverage based on their needs.
- Gamification: The platform uses challenges and rewards to encourage healthy habits among users.
- Dynamic insurance: As users engage in healthy activities, their life insurance coverage increases at no additional cost.
- Social impact: Users can convert their healthy habits into charitable donations, enhancing corporate social responsibility.
- Partnerships: Betterfly collaborates with local insurance providers and wellness companies to offer a comprehensive suite of services.
Key Offerings
- Personalized life insurance that grows with healthy habits
- Mental health and wellness resources
- Telemedicine services
- Digital currency (Better Coins) for charitable donations
- Gamified wellness challenges and rewards
- Corporate benefits management platform
- ESG reporting and analytics for companies
Key Management
- Eduardo della Maggiora: Founder and CEO
- Cristóbal della Maggiora: Co-founder
Investment Timeline
- 2020: $17.5 million in Series A funding
- 2021: $60 million in Series B funding
- 2022: $125 million in Series C funding, reaching unicorn status with a $1 billion valuation