Gringo raised $8 million in Series A funding to expand its driver assistance services and improve the automotive documentation experience in Brazil.

Target Information

In October, Gringo announced an $8 million Series A funding round. The investment round was led by Kaszek, alongside GFC and OneVC. Gringo offers drivers a variety of services, including easy access to driver's licenses (CNH) and documentation, as well as assistance with the regularization of documents and monitoring of fines and vehicle debts.

Currently, more than 70 million drivers in Brazil face significant time wastage due to bureaucratic processes. Often, fines are sent via post and may arrive late or at incorrect addresses, resulting in penalties for the drivers regardless. The only method of payment for vehicle taxes (IPVA, approximately 4% of the vehicle's value) and fines is upfront. Gringo is currently addressing these challenges in São Paulo, Paraná, and Santa Catarina, with plans for expansion into additional states in the country.

Industry Overview in Brazil

The Brazilian automotive market is vast and in need of technological advancements to streamline the lives of drivers. When considering expenses for documentation, car buying and s