Brazilian InsurTech company Justos has collected $35.8m in its Series A round, which comes just months after its seed close.
Ribbit Capital acted as the lead investor, with contributions also coming from SoftBank and GGV, according to a report from TechCrunch. Existing Justos backers Kaszek, BigBets, Nubank CEO David Velez and Kavak CEO Carlos Garcia Ottati also participated.
The Series A comes hot off the heels of Justos’ seed round, which closed in June on $2.8m. It was backed by Kaszek, as well as angel investors including CEOs of seven unicorns.
With the Series A capital, Justos hopes to continue its hiring efforts, expand its operations and launch other lines of insurance.
Justos currently has 30 staff but hopes to have 50 by the end of the year and 200 by the end of 2022.
The InsurTech company was founded in 2020 by Dhaval Chadha, Jorge Soto Moreno and Antonio Molins. The founders have experience working in major companies, such as Netflix, Airbnb and ClassPass.
Following research into the market, the trio found that 70% of cars in Brazil are uninsured. The team went out to solve the gap and have created what they claim is the first Brazilian insurer to use drivers’ data to reward those who drive safely by offering fairer prices.
The mobile app makes it easier to purchase policies, with Justos able to offer better prices by leveraging driving data.
Another Brazilian InsurTech company to recently raise capital was Pier. The InsurTech, which operates a digital distribution platform to help consumers find policies, raised $20m in its Series B round.
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