• Greek car-as-a-service startup Instacar announces a €55M Series A round
• The round is led by investors such as Velocity Partners, Autohellas/Vasilakis Group and the Olympia Group, with new investors such as Elikonos 2 S.C.A. SICAR joining as well
• Further plans include developing an app for car and mobility auxiliary service and expanding to new markets
Greek startup Instacar has secured €55 million in funding to further transform the car leasing industry with their solution and expand on new markets.
Founded in 2019 by entrepreneurs Antonis Zois and Antonis Samothrakis, Instacar aims to revolutionize car leasing by offering a fully digital, hassle-free experience which allows customers to obtain their vehicles through a digital procedure that lasts only a few minutes.
The platform allows customers to choose a car from a wide selection of models, book 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. At the moment 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 stop app” which will provide all vehicle-related services, from rentals to maintenance, tire changes, washing, or even parking, development of mobility services in cities, including e-scooters, e-bikes, and micro-mobility vehicles, and strengthening the company’s international expansion plan by developing its services in new markets outside 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 funding round, 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 trust of the company’s investors – existing and new – in the entire project and marks a second phase of development for Instacar, which strengthens, expands, and broadens its activities and services.
“The investment mix of 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 is also looking to build up the previous success of Greek companies in the mobility vertical such as FlexCar, which managed to raise a record investment for the Greek ecosystem worth €210M last year, and Spotawheel, which provides a tech-driven circular economy platform for pre-owned car and has raised €120M so far.