An insurtech based in Chile, Jooycar, plans to launch its car insurance services in the US next year. Through this, the company aims to disrupt the auto insurance industry in Latin America and expand the use of telematics-based technology.
Jooycar is known as the first-ever connected auto platform in Latin America; they employ telematics to source real-time data from drivers and cars. The said data would be used to provide end-user services and create more business opportunities for the automotive and insurance industries.
According to the insurtech, their consumers have a telematics hardware device and account that allow them to seamlessly access their connected car services via a mobile app or web portal.
Back in 2017, Jooycar raised $200,000 with the help of Magma Partners; this was followed by an investment round (worth $3 million) led by HCS Capital Partners in October 2018. Alex Horvitz, CEO OF HCS Capital, said that they were impressed by the achievements of Jooycar within the past three years. They grew rapidly because of their innovative platform along with their passionate team and dedication to thrive in Latin America and the US markets. Horvitz added that they were proud to be a part of Jooycar’s advancement and expansion in the US.
The founder of Jooycar, María Paz Gillet, said that they picked HCS Capital as an investor because of their wide experience in dealing with insurtech digital platforms. Gillet emphasized that HCS Capital has extensive industry knowledge and ample resources to support Jooycar’s globalization, making them a perfect, strategic partner.