Justos raises $35.8 million

Brazilian insurance startup Justos has raised a $35.8 million Series A round of funding led by Ribbit Capital. SoftBank’s Latin American Fund, GGV, Kaszek, BigBets, Nubank CEO David Velez, and Kavak CEO Carlos Garcia Ottati also participated in the round.

In May, Justos announced a $2.8 million round of funding that included participation from Kaszek and CEOs of several companies including Assaf Wand, CEO, and co-founder of Hippo Insurance; 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 had also put money in the round.

Founded in 2020, Justos plans to leverage telematics to offer Brazilians cheaper car insurance.

The insurer features a D2C model and it will also distribute its product through banks and brokers.

“We are building a design driven, mobile first and customer experience that aims to revolutionize insurance in Brazil, similar to what Nubank did with banking. We will be eliminating any hidden fees, a lot of the small text and insurance specific jargon that is very confusing for customers. By going direct to consumer, we are able to acquire users cheaper than our competitors and give back the savings to our users in the form of cheaper prices.” – Justos co-founder and CEO Dhaval Chadha.