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HCS Capital Deploys $3MM into Growing InsurTech Opportunity, Jooycar | Business Wire

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MIAMI–(BUSINESS WIRE)–HCS

Capital Partners (“HCS”) a Miami, FL based Private Equity and

operating firm, announced today it has completed a $3mm investment in Jooycar,

a fast growing Chilean company disrupting the auto insurance and

telematics space in Latin America. This InsurTech investment marks the

most recent for HCS,

as they continue to deploy capital from their Tech Fund 1 into InsurTech

and FinTech opportunities in the U.S. and South America.

About Jooycar

Jooycar, headquartered

in Santiago, Chile, is in the middle of an ambitious international

expansion to the U.S. and across Latin America. They provide a car

connected platform and services, using telematics and machine learning

to develop usage-based insurance (UBI) products for commercial and

personal lines. They combine data collected from devices plugged into

the car, as well as a mobile app, to deliver high quality 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, route optimization

etc. 

Jooycar’s platform offers a unique value proposition for South American

car owners, a region with a disproportionately high number of uninsured

drivers (beyond mandatory coverage). Pricing policies is often very

difficult and premiums can be cost prohibitive for most car owners.

Jooycar has been able to leverage the technology backend and offer a

usage-based insurance platform (UBI) to attract customers via a pay per

mile option. This added flexibility has incentivized many to subscribe

to car insurance for the first time and led to explosive growth over the

past 3 years. Jooycar has seen 400% annual growth and will have nearly

40 million kilometers processed on their platform by the end of the year

in Chile alone. This round of funding will allow Jooycar to capitalize

on the success in Latin America and expand to the U.S., a $280 billion

annual auto insurance premium market. 

HCS Capital CEO, Alex Horvitz stated, “We have continued to be impressed

by Jooycar’s achievements over the past 3 years. Their impressive

platform, which will allow them to rapidly scale, combined with their

team and vision for growth in the U.S. and Latin American markets is an

exciting combination and we are proud to be a part of Jooycar’s growth

and U.S. expansion.”

María Paz Gillet, founder of Jooycar, added: “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.

About HCS Capital

HCS

Capital Partners is a Miami based Private Equity and operating firm.

They specialize in identifying unique opportunities within established

markets that are being disrupted by technology and take active roles in

portfolio companies by leveraging over 25 years of deep industry

knowledge and transformation management experience. They take majority

and minority positions in companies located in the U.S. and Latin

America, who operate technology enabled platforms in Insurance and

Financial Services. Their portfolio includes fast growing companies like

Figo Pet Insurance, the leading Insurtech platform in the US Pet space.

HCS closed the initial tranche for HCS Tech Fund I, and its currently

raising additional capital for their debut fund.

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