Jooycar

Jooycar, headquartered in Santiago, Chile, is in the middle of an ambitious international expansion to the U.S. and across Latin America. They provide a car connected platform and services, using telematics and machine learning to develop usage-based insurance (UBI) products for commercial and personal lines. They combine data collected from devices plugged into the car, as well as a mobile app, to deliver high quality rich data about the driver and vehicle. This data includes real time vehicle information, customized maintenance reporting, loss prevention, detailed driver risk assessment and scoring, driving patterns, route optimization etc. Jooycar's platform offers a unique value proposition for South American car owners, a region with a disproportionately high number of uninsured drivers (beyond mandatory coverage). Pricing policies is often very difficult and premiums can be cost prohibitive for most car owners. Jooycar has been able to leverage the technology backend and offer a usage-based insurance platform (UBI) to attract customers via a pay per mile option. This added flexibility has incentivized many to subscribe to car insurance for the first time and led to explosive growth over the past 3 years. Jooycar has seen 400% annual growth and will have nearly 40 million kilometers processed on their platform by the end of the year in Chile alone. This round of funding will allow Jooycar to capitalize on the success in Latin America and expand to the U.S., a $280 billion annual auto insurance premium market. HCS Capital CEO, Alex Horvitz stated, " We have continued to be impressed by Jooycar's 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's growth and U.S. expansion." María Paz Gillet, founder of Jooycar, added: " 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.