Justos, a Brazilian insurtech, announced a $35.8M Series A funding round led by Ribbit Capital. SoftBank’s Latin America Fund, GGV Capital, and existing investors Kaszek, BigBets, David Velez, and Carlos Garcia Ottati also participated.
Justos is the first Brazilian auto insurance company to use data to determine insurance costs. The startup aims to improve the entire insurance process by measuring the way people drive to help price their insurance policies.
By connecting to customers’ smartphones, Justos can collect driving data and assess the level of risk. Justos believes that with this data they will be able to offer insurance plans up to 30% cheaper than traditional providers.
The platform raised a $2.8M seed round in May and attracted the interest of prominent angel investors from across the region, despite not yet launching the product. The company already has 12,000 prospective customers on its waitlist.
“We measure how safely people drive using the sensors on their cell phones,” said Dhaval Chadha, co-founder and CEO. “This allows us to offer cheaper insurance to users who drive well, thereby reducing biases that are inherent in the pricing models used by traditional insurance companies.”
The startup will use the new funding to continue developing the platform and make new hires to the team.
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