Brazilian startup Gringo raises $29M to scale their app

Man driving vehicle with GPS system

Gringo, the Brazilian app for drivers, received an investment of over $29M. The round was led by Valor Capital, with participation from KaszekVEFPitonONE VCICU Ventures, and Actyus.

With this funding, Gringo will strengthen their credit and insurance products. They will also add new features and plan to grow their user base to over 20 million in the coming years. 

Currently, Gringo has 10M drivers, 80% of whom use the app at least once every four months. 

“We will prioritize our client’s experience by simplifying our credit and insurance solutions as well as focusing on other aspects of drivers’ journeys such as the purchase and reselling of vehicles,” explained Rodrigo Colmonero, CEO & co-founder.

Founded in 2019, Gringo’s mission is to centralize all the essential services and documentation required by drivers, providing a one-stop solution, including payment of fines, vehicle tax (IPVA), and licenses, checking driving licenses or hiring insurance and loans using the vehicle as collateral, along with the establishment of companies. 

Read more on Tekios

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