Justos raises $2.8 million
Brazilian auto insurance startup Justos has raised ~$2.8 million in a seed round of funding led by Kaszek, one of the largest VC firms in Latin America.
Other participants include Big Bets, along with Assaf Wand, CEO and co-founder of Hippo Insurance; David Vélez, founder and CEO of Nubank ; Carlos Garcia, founder and CEO of Kavak; Sergio Furio, founder and CEO of Creditas; Patrick Sigrist, founder of iFood and Fritz Lanman, CEO of ClassPass. Senior executives from Robinhood, Stripe, Wise, Carta and Capital One also participated in the round.
Founded in 2020, Justos (a team of 25) claims it will be the first Brazilian insurer to use drivers’ data to reward those who drive safely by offering “fairer” prices. The startup intends to collect user’s data through an app installed on the driver’s cell phone. The app is able to measure acceleration, braking, speeding and others and, based on this data, defines risk and pricing models based on the driver’s driving quality. Justos claims that it will offer plans that are up to 30% cheaper than traditional plans and give additional discounts each month based on the driving patterns of the previous month of each customer.
The company is still emerging and at the moment it is only possible to join a waiting list.