Gringo raises $30M in Series C funding to offer super app to Brazilian drivers and motorcycle owners

Gringo, a Brazilian startup that offers a super app tailored for both car drivers and motorcycle owners, has secured $30 million in Series C funding to facilitate the expansion of its automotive credit and insurance product offerings and the introduction of new features on its platform.

The round, which brings the startup’s total funding to $80 million, was led by Valor Capital, with participation from existing investors Actyus, Kaszek, VEF, Piton, ONE VC, and ICU Ventures. The news comes after the three-year-old startup raised $8 million in 2021 and $34 million (about BRL 174 million) in Series B funding in 2022.

Founded in 2020 by Rodrigo Colmonero, Caique Carvalho, and Juliano Dutra, Gringo offers a “super app” designed for people who drive cars and ride motorcycles. This app allows users to handle various tasks related to their vehicles, such as paying fines, taxes, and licensing fees. Additionally, it enables users to secure insurance and loans, using their vehicles as collateral.

What sets Gringo apart from other automotive tech startups in Latin America is its user-centric approach. Gringo aims to be a one-stop solution for all things related to cars and insurance, catering to the everyday driver. Their ambitious vision extends to serving over 75 million drivers in Brazil alone, a number that reaches 180 million across Latin America.

Rodrigo Colmonero, one of Gringo’s co-founders, explained that they are expanding their services to include insurance options from different companies. They also assist drivers in finding the best banking options in Brazil, creating a comprehensive approach to addressing drivers’ needs.

“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,” Colmonero told TechCrunch in an interview.

Remarkably, within just three years since its inception, Gringo has grown its customer base to serve 10 million users. Colmonero expressed its goal to double its revenue compared to the previous year by the end of this current year.

With Brazil boasting a substantial market for used cars, where more than 10 million cars are bought and sold annually, Gringo has set its sights on this lucrative sector for future growth. While they do not aim to act as traditional car dealerships, the startup plans to leverage the extensive data it has collected about customers’ vehicles to assist drivers in making informed decisions when buying or selling cars.

“Using the same approach we have used for documentation, we are entering buy and sell to help drivers do this in a simple way,” Colmonero said. “We don’t want to act like a dealership, 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.”