Justos, a startup that says it will be the first insurance company in Brazil to use data when determining rates, has raised a $35.8 million Series A round of funding led by Ribbit Capital.
SoftBank’s Latin American Fund and GGV participated as new investors in addition to existing backers Kaszek, BigBets, Nubank CEO David Velez, and Kavak CEO Carlos Garcia Ottati. Senior executives from Robinhood, Stripe, Wise, Carta, and Capital One had also put money in the round.
The insurtech plans to use its new capital to continue to hire and expand its area of operations, as well as toward launching other lines of insurance. The startup has a team of 30 intending to have 50 employees by year’s end and 200 by the end of 2022.
Round: Series A
Funding Month: October 2021
Lead Investors: Ribbit Capital
Additional Investors: SoftBank’s Latin American Fund, GGV, Kaszek, BigBets, David Velez, Carlos Garcia Ottati, Senior executives from Robinhood, Stripe, Wise, Carta, and Capital One
Company Website: https://www.justos.com/
Software Category: Insurance
About the Company: Serial entrepreneurs Dhaval Chadha, Jorge Soto Moreno, and Antonio Molins co-founded Justos, having most recently worked at various Silicon Valley-based companies including ClassPass, Netflix, and Airbnb. Justos is a fair, smart, and more humane insurance startup for all people who want to feel safer but don't have their cars insured or aren't clear about their current insurance. Justos use technology and design to keep drivers safe with a product that is easy to understand, quick to reimburse for any incidentals, and fair because it translates conscientious driving into better prices.