Jooycar, a Chilean insurtech that is seeking to disrupt the auto insurance and telematics space in Latin America, has reportedly secured $700,000 through HCS Capital as it plans to continue expansion to the U.S. efforts. The company announced its U.S. expansion plans back in December 2019.
As previously reported, Jooycar described itself as the first connected car platform to launch in Latin America. The company claimed its telematics-based technology leverages real-time big data sourced from cars and drivers to deliver enhanced end-user services (B2C) and create new business opportunities for the insurance and automotive industries (B2B).
“With Jooycar connected car service, our consumers receive a telematic hardware device (while the cars still do not have this hardware embedded) and an account that provides users with access to their connected car services through a web portal and a mobile app.”
Jooycar previously raised $200,000 with Magma Partners in 2017. Followed by a $3 million investment round led by HCS Capital Partners in October of 2018. María Paz Gillet, Founder of Jooycar, stated at the time:
“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.”
Jooycar is planning to launch its services in the U.S. later this year.