Brazilian insurtech Justos closed a $5.9M venture round led by an anonymous major reinsurer. MSR Capital also participated.
The startup will use the money to extend its runway up to 30 months and continue its growth strategy to raise a strong series B and avoid a downround.
Justos’ CEO, Dhaval Chadha, admitted that the company is growing lower than expected at the Series A: “We’re at lower growth but much healthier than we had projected, and on a pretty comfortable runway,” he said.
Justos uses machine learning models to offer better-priced car insurance, with custom premiums for each driver. Plus, the company offers drivers a discount on their monthly payment depending on their driving habits.
In October 2021, Justos raised one of the largests Series A rounds in LatAm, securing a $40M investment.
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