With over 75 million drivers in Brazil, Gringo is on a mission to provide a comprehensive platform that meets all their automotive and insurance needs. Founded by Rodrigo Colmonero, Caique Carvalho, and Juliano Dutra, the company has already secured significant funding and is expanding its services.
A Comprehensive Platform for Drivers
Gringo’s super app enables drivers to manage their car’s documentation and services in one place. This includes:
- Payment of fines: Gringo allows users to pay fines and taxes related to their vehicle.
- Contracting insurance: Users can choose the best insurance offer from various companies, ensuring they have adequate coverage for their vehicles.
- Loans using the vehicle as collateral: Gringo provides a platform for drivers to contract loans using their vehicle as collateral.
- Renewing driver’s license and documents: The app enables users to renew their driver’s licenses and other essential documentation in a hassle-free manner.
Recent Funding Round
In 2021, Gringo raised $8 million, followed by another $35 million in 2022. The company has now secured an additional $30 million in Series C funding, bringing the total amount raised to $80 million. This new investment will enable Gringo to expand its automotive credit and insurance products while introducing innovative features.
Expansion Plans
Gringo’s founder, Rodrigo Colmonero, expressed his vision for the company’s growth: "We already help drivers renew their driver’s license and documents. 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 company plans to double its revenue by the end of this year compared to last year. With over 10 million customers already on board, Gringo is poised for significant growth.
Entering the Used Car Market
Gringo has set its sights on the used car market in Brazil, where more than 10 million cars are bought and sold annually. The company aims to simplify this process by providing drivers with a platform to buy and sell their vehicles efficiently.
"We don’t want to act like a dealership," Colmonero emphasized, "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."
Traction in Brazil’s Startup Ecosystem
Despite the current downturn in the startup ecosystem, Gringo has gained significant traction. With a strong team and a robust platform, the company is well-positioned for continued growth.
Investors
The latest funding round was led by Valor Capital, with participation from existing investors Kaszek, VEF, Piton, ONE VC, ICU Ventures, and Actyus.
Conclusion
Gringo’s commitment to providing a comprehensive platform for drivers in Brazil has resonated with investors. With a strong team, robust platform, and significant funding, the company is poised for continued growth and success. As Gringo continues to expand its services, it is likely to become an essential tool for drivers across the country.
