Gringo, the Brazilian startup for drivers, received an investment of over USD$29 million. The round was led by Valor Capital, with participation from Kaszek, VEF, Piton, ONE VC, ICU Ventures, and Actyus.
With this investment round, Gringo will strengthen its credit and insurance products. It will also add new features and plans to increase its user base to over 20 million in the coming years.
Currently, Gringo has 10 million drivers, 80% of whom use the app at least once every four months.
“We will prioritize our customers’ experience by simplifying our credit and insurance solutions, in addition to focusing on other aspects of drivers’ journeys, such as buying and selling vehicles,” detailed Rodrigo Colmonero, CEO and co-founder.
Founded in 2019, Gringo’s mission is to centralize all essential services and documentation required by drivers, providing a one-stop solution.
This includes payment of fines, vehicle tax (IPVA), and licenses, checking driving permits or purchasing insurance and loans using the vehicle as collateral, along with business establishment.
Given that Brazil has a significant market for used cars, where more than 10 million vehicles are bought and sold each year, Gringo has set its sights on this lucrative sector for future growth.
Although they don’t intend to act as traditional car dealerships, the startup plans to leverage the extensive data it has collected about customers’ vehicles to help drivers make informed decisions when buying or selling cars.
“Using the same approach we’ve used for documentation, we are entering the buying and selling market to help drivers do it easily.
“We don’t want to act as a dealership, but rather use all the data we’ve collected about customers’ vehicles to help drivers choose the best deal to buy or sell their cars,” explained Colmonero.