Jooycar, a Santiago, Chile-based Chilean auto insurance and telematics company, raised $3m in funding.
HCS Capital Partners, a Miami, FL based private equity and operating firm, made the investment.
The company intends to use the funds for international expansion to the U.S. and across Latin America.
Led by María Paz Gillet, founder, Jooycar provides a car connected platform and services, using telematics and machine learning to develop usage-based insurance (UBI) products for commercial and personal lines. It combines data collected from devices plugged into the car, as well as a mobile app, to deliver 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, and
– route optimization etc.