With roughly one million consumers across Brazil and a new round of financing, the smart phone insurance provider Pitzi now finds itself with a $100 million appraisal.

The size of its most current round, which was led by QED Investors and consisted of commitments from existing investors like Thrive Capital and Valiant Partners, was undisclosed.

PItzi functions as a reseller for insurer to use products around cellphone insurance coverage across Brazil. Founded in 2012, the business’s mobile handset insurance coverage offerings were a service that remained in the ideal place at the right time, as low expense handsets caused the marketplace in Latin America’s most populated country to explode.

Pitzi previously raised $20 million from financiers consisting of Thrive, Kaszek Ventures, Flybridge and DCM. Even with the business’s success, cellular phone insurance coverage in Brazil stands at 4%, compared to international requirements of more than 40%. This regardless of the reality that there are more than 200 million phones in Brazil alone.

“Today, only 4% of mobile phones here are secured however we’re driving that towards 90% in the coming years and utilizing those phones to open even more improvement in the area,” said Daniel Hatkoff, Founder & & CEO of Pitzi, in a declaration.

When it comes to Latin American financial innovation startups, the financial investment by QED Investors puts Pitzi in some pretty great business. Other Latin American investments in the firm’s portfolio include the multi-billion dollar credit card startup, Nubank; the personal finance loan provider, Creditas; the service lender, Konfio; and the rental funding business Quinto Andar. As a result of the investment, Bill Cilluffo, a former president of Capital One International and a basic partner with QED will take a seat on the company’s board of directors, according to a statement. For Hatkoff, the cell phone is a window into other items and services in the insurance market thanks to the methods that the gadget has changed so numerous experiences for the emerging Brazilian middle class. “The smart device will be profoundly transformational in Brazil, permitting the emerging middle class to lastly emerge and do things it never imagined possible,”stated Hatkoff.”As market leaders, we at Pitzi are obsessed with unlocking the Brazilian consumer’s capability to use their phones in ever more effective methods. Mobile phone security is simply the start.”