Chile-based InsurTech startup Jooycar has raised $3m in funding from private equity firm HCS Capital Partners.
Jooycar uses real-time car and driving data to provide car owners in South America with usage-based insurance policies. The company uses a car connected platform which combines data collected from devices plugged directly into the car and a mobile app to build better driver records.
Information collected includes real-time vehicle information, customised maintenance reporting, loss prevention, detailed driver risk assessment and scoring, driving patterns, route optimisation, among others.
Through this data, Jooycar is able to offer consumers with pay per mile insurance policies.
The company is currently in the process of an international expansion to the US and across Latin America.
HCS Capital CEO, Alex Horvitz said, ?We have continued to be impressed by Jooycar achievements over the past 3 years. Their impressive platform, which will allow them to rapidly scale, combined with their team and vision for growth in the U.S. and Latin American markets is an exciting combination and we are proud to be a part of Jooycar growth and U.S. expansion.p>
This investment was made through the Florida-based firm Tech Fund 1 which invests into InsurTech and FinTech companies across Latin America and the US.
Jooycar founder Mar?a Paz Gillet said, ?We chose HCS Capital over other investors due to their hands-on experience in InsurTech digital platforms. They are a strategic partner with the will, industry knowledge and resources to actively support the globalization of our company.p>
Earlier in the year, HCS made a $1m investment into Chilean RegTech company Ceptinel. ?The company specialises in providing financial institutions a range of tools to monitor and adhere to regulatory and compliance requirements.
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