Brazilian insurtech startup Justos has secured $35.8m investment in a Series A round led by Ribbit Capital.

Softbank Latin America Fund and GGV also joined the round along with existing investors Kaszek and BigBets, Nubank founder David Velez, and Kavak CEO Carlos Garcia Otatti.

Justos will use the capital to increase its headcount, expand geographic presence and launch other coverage options.

The insurer will also use the funds to accelerate growth. Initially, Justos plans to start operating its app in the Greater Sao Paulo region and expand across the whole of Brazil.

Founded by Dhaval Chadha, Jorge Soto Moreno and Antonio Molins in 2020, Justos plans to offer insurance solutions based on telematics data such as acceleration, braking, speed and driver’s behaviour.

Notably, Justos is not officially launched yet. In May, the insurer secured $2.8m in seed funding.

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That round saw participation from Kaszek and CEOs of several firms such as Hippo Insurance CEO and co-founder Assaf Wand; Creditas founder and CEO Sergio Furio; iFood founder Patrick Sigrist, and ClassPass CEO Fritz Lanman.

Others who joined the round were senior executives from Robinhood, Stripe, Wise, Carta, and Capital One.

Justos claims that it has over 12,000 people on a waiting list.

Earlier this week, US-based insurance broker Acrisure signed a definitive agreement to acquire Brazilian benefits management and insurance broking firm It’sSeg.