Justos raises $5.5 million

After closing a ~$35 million Series A round in October 2021, Brazilian insurance startup Justos has secured ~$5.5 million in a new round of funding led by “a large reinsurer” which contributed 90% of the capital.

The funding will help the startup extend its runway to ~30 months. It seems that there were also layoffs at Justos earlier this year. Based on LinkedIn data, employee count went from 106 in January to 85 in February.

Founded in 2020, the startup announced plans to become the first Brazilian insurer to use drivers’ data to reward those who drive safely by offering “fairer” prices. For now, it mostly operates as an MGA.