RIO DE JANEIRO, BRAZIL - Mexican auto insurer Crabi closed a US$4 million seed round led by Kaszek Capital.
Tuesday Capital, a San Francisco venture capital firm that also invested in Uber and Airbnb, and Redwood Ventures, which focuses its investments in Latin American companies, also participated in the round.
There are over 50 million cars in Mexico and only 30% of them are insured, compared to 50% in the rest of Latin America, the company said.
Unlike other startups in the sector, Crabi is licensed by Mexico's National Insurance and Guarantees Commission (CNSF), which allows it to market . . .