Instacar raises 55 mln euros

Instacar raises 55 mln euros

Greek flexible leasing startup Instacar has raised 55 million euros after speeding up its expansion into new markets and progressing its evolution into an application to supply all services related to car, from renting to servicing, changing tires, washing or even parking.

“The €55 million includes a share capital increase and borrowing,” Antonis Samothrakis, who together with Antonis Zois founded Instacar in 2018, explains to Kathimerini.

“The financing round was led by Autohellas and the Greek fund Ellikonos 2 SCA SICAR. Olympia Group and Velocity Partners, which together with Autohellas had previously invested in Instacar, also participated,” says Samothrakis.

The company has developed a platform for flexible leasing of vehicles, i.e. electric bicycles, cars, vans, etc., which an individual or a business can lease from one to 24 months.

“This process takes place without the commitments or the downpayment that applies to traditional leasing, while consumers with a monthly lease can use a modern vehicle and then own it in a few clicks,” says Samothrakis, stressing the flexibility of this specific vehicle leasing model.

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