Brazilian App Gringo Secures $29M Investment to Expand Services

Published about 2 months ago

Gringo, a leading app for drivers in Brazil, has successfully raised over $29 million in a recent funding round. The investment was spearheaded by Valor Capital and included contributions from Kaszek, VEF, Piton, ONE VC, ICU Ventures, and Actyus.

The funding will enable Gringo to enhance its credit and insurance products while also adding new features. The company aims to increase its user base to more than 20 million in the coming years.

User Base and Client Priorities

At present, Gringo boasts a user base of 10 million drivers. Remarkably, 80% of these users engage with the app at least once every four months. Rodrigo Colmonero, CEO & co-founder of Gringo, expressed the company’s commitment to prioritizing client experience. The company intends to simplify its credit and insurance solutions, focusing on other aspects of drivers’ journeys, including the purchase and reselling of vehicles.

A One-Stop Solution for Drivers

Established in 2019, Gringo’s primary mission is to consolidate all necessary services and documents required by drivers. This one-stop solution covers a wide range of services, such as payment of fines, vehicle tax (IPVA), and licenses. It also allows drivers to check their driving licenses, hire insurance and loans using their vehicle as collateral, and even establish companies. This comprehensive approach positions Gringo as a vital tool for drivers in Brazil.