Norway’s Katapult VC gains two impact unicorns in one week

With Chilean insurance tech startup Betterfly now sharing prestigious unicorn status with fellow portfolio company, Esusu, Norwegian VC Katapult has gained its second accelerator-bred impact unicorn in one week.

Katapult first discovered and invested in Betterfly at the early Seed stage in mid-2019 with further investment via their follow-on fund in mid-2020. With Betterfly already reaching Unicorn status and $1 billion post-money valuation, this represents Katapult delivering globally leading, unrealised value for their investors.

Founded by Tharald Nustad in 2017, Katapult’s second unicorn within one week, represents a resounding validation of Nustad’s theory that the largest opportunity for profit derives from early stage investment in companies addressing the greatest problems facing our society.

Speaking of Betterfly’s $1 billion dollar valuation, Nustad says in a press release:

“A huge congratulations is in order for the whole Betterfly team. Not only does their success speak to their ingenuity but it serves as further proof that the Katapult formula pays dividends. Alongside Esusu, Betterfly acts as a case study for the opportunities presented by pure impact investment. As the first Norwegian investor company to specialize in investments in global impact companies, we were met with much skepticism. With a double victory unquestionably proving our model is profitable, we are motivated to show what we can further achieve.”

Founded in 2018 by Chileans, Eduardo and Cristóbal della Maggiora, Betterfly has created a platform that rewards healthy habits with charitable donations and life insurance protection that grows at no cost based on lifestyle choices that foster physical, mental, and financial wellbeing.

Katapult’s Betterfly success comes swiftly off the back of fellow Katapult Portfolio Company, Esusu’s $1 billion valuation. Founded by Samir Goel and Abbey Wemimo, Esusu was born from the need to disrupt the US credit rating system. As immigrants to the US themselves, Samir and Abbey struggled to obtain the necessary credit score to gain access to banking services. Esusu revolutionises this process by offering a platform that allows users to obtain a credit score outside of the traditional pathways, providing a powerful tool to bridge the racial wealth gap.

Playbookf for impact startups

Esusu’s Goel credits both Katapult’s investments and quality of accelerator program as key ingredients in Esusu’s rapid growth: “Katapult has played a transformative role in our startup journey. The experience helped us improve our sales process, enter new markets, and think critically about our product road map. Without Katapult, Esusu would never have been where it is today.”

With two unicorns in short succession, Nustad is confident about Katapult’s path moving forwards: “In backing diverse founders with a fierce focus on addressing society’s most pressing issues, Katapult has simultaneously developed a playbook for delivering investor returns and contributing to the societal good. While we have seen the promise of this model since Katapult’s inception, its fruition is highly rewarding and I am very optimistic for the potential of further unicorns in Katapult’s existing and future portfolio companies.”

Katapult VC is now planning its next seed-and growth funds, with a focus on Climate, Ocean and Food-tech.