Brazil has over 75 million drivers, and Gringo wants to be the super app support for all of their automotive and insurance needs.
The app enables drivers to manage their car’s documentation and services in one place, including the payment of fines, taxes and licensing, contracting insurance and loans using the vehicle as collateral.
After raising $8 million in 2021, and around $35 million in 2022, the company is back with another $30 million in Series C funding. In total, Gringo, started by Rodrigo Colmonero, Caique Carvalho and Juliano Dutra, has raised $80 million.
The new funding will enable the company to expand its automotive credit and insurance products and introduce new features.
“We already help drivers renew their driver’s license and documents,” Colmonero told TechCrunch. “Now we are working on insurance where drivers can choose the best offer from insurance companies. We also have equity where they can choose the best offer from the banks in Brazil. That’s where our approach becomes ‘the driver’s best friend.’”
The new round was led by Valor Capital, with participation from existing investors Kaszek, VEF, Piton, ONE VC, ICU Ventures and Actyus.
Gringo grew to 10 million customers and intends to double its revenue over last year by the end of this year, Colmonero said.
The used car market is big in Brazil — more than 10 million cars are bought and sold each year, according to Colmonero — and that is where Gringo has its sights set next.
“Using the same approach we have used for documentation, we are entering buy and sell to help drivers do this in a simple way,” Colmonero said. “We don’t want to act like a dealership, but instead use all of the data we have collected on customers’ vehicles to help drivers choose the best offer to buy or sell their cars.”