Justos, the Brazilian auto-insurtech that raised a $35.8M Series A round in 2021, secured $16.5M in growth capital led by Ribbit Capital, with follow-on checks from Kaszek, Scale Up, and Endeavor Catalyst. The round follows Justos’ approval for a full S3 insurer license by SUSEP.
“This investment lets us deepen our work in AI and broker tools while scaling our impact across Latin America’s insurance market,” said co-founder and CEO Dhaval Chadha.
Founded in 2020 by Chadha, Jorge Soto Moreno, and Antonio Molins, Justos uses smartphone telematics to score driving behavior and reward safe drivers with discounts of up to 30%. With the fresh capital, Justos will expand its AI stack for brokers, automating quoting, policy issuance, claims, and roadside assistance, positioning brokers as partners rather than intermediaries. With new funding and an “AI-native” approach, Justos aims to break into Brazil’s top-10 auto insurers.
Justos has doubled revenue every year since launching and trimmed its loss ratio by an average of six percentage points annually.
