• Greek car-as-a-service startup Instacar announces €55 million Series A funding round
• The tour is led by investors such as Velocity Partners, the Autohellas/Vasilakis group and the Olympia group, to which are also added new investors such as Elikonos 2 SCA SICAR
• Other projects include developing an app for ancillary car and mobility services and expanding into new markets.
Greek startup Instacar has secured €55 million in funding to further transform the car leasing sector with its solution and expand into new markets.
Founded in 2019 by entrepreneurs Antonis Zois and Antonis Samothrakis, Instacar aims to revolutionize car leasing by offering a completely digital, hassle-free experience that allows customers to obtain their vehicle via a digital procedure that takes just a few minutes.
The platform allows customers to choose a car from a wide selection of models, reserve it online and have it delivered to their doorstep.
The funding will be used to expand its operations in Greece and other European markets, as well as to develop new products and services. Currently, Instacar has a fleet of several thousand cars and customers from all over the country.
“The new investment capital will accelerate the company’s development in four key areas: further development of the vehicle subscription model in Greece, creation of the ‘one app’ that will provide all vehicle-related services, from rental to maintenance, including changing tires. , washing, even parking, the development of mobility services in cities, including electric scooters, electric bicycles and micro-mobility vehicles, and the strengthening of the company’s international expansion plan by developing its services in new markets outside of Greece,” co-founder and CEO Antonis Samothrakis tells The Recursive.
The car leasing industry has traditionally been dominated by long-term contracts and complicated paperwork, but Instacar’s digital approach has already begun to disrupt the market. With this latest fundraising, the Greek startup is now poised to continue its rapid expansion and reshape the car leasing industry.
According to Samothrakis, the new funding round also reflects the confidence of the company’s investors – existing and new – in the entire project and marks a second phase of development for Instacar, which strengthens, develops and expands its activities and services.
“The combination of investments from strategic and institutional investors supporting Instacar creates significant added value for the next phase of the company’s development, as they provide strategic market access and strong visibility in foreign investment portfolios », he adds.
The Greek startup also seeks to capitalize on the previous success of Greek companies in the mobility sector, such as FlexCar, which managed to increase a record investment for the Greek ecosystem worth 210 million euros last year, and Spotawheel, which provides a technology-driven circular economy platform for used cars and has raised €120 million so far.
