- The startup aims to use the funds to expand its finance arm, dealer-to-dealer sales platform, and move closer to profitability.
- InstaCarro plans to launch new services in 2024, including online car documentation, comprehensive inspection reports, and warranty extensions.
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InstaCarro, a Brazilian startup that has reimagined the used car buying and selling experience, has secured $10.9 million in a funding round led by Fasanara Capital and additional funds like J Ventures, FJ Labs, and Rise Capital.
The company plans to use the investment to build its finance arm, expand its dealer-to-dealer sales platform, and accelerate growth as it approaches breakeven.
Since its launch in 2015, InstaCarro has revolutionized the car selling experience for consumers by offering instant cash and 24-hour remote auctions. For dealers, the platform provides fully inspected and approved cars for bidding through a web or mobile application, along with financing options. InstaCarro now offers dealers a comprehensive suite of services, including software, financing, logistics, registration, and paperwork, as well as a growing supply of high-quality vehicles.
The funding round will also support the expansion of InstaCarro’s Direct-to-Reseller (D2D) operation, which helps fleet companies, financial institutions, and large car dealerships manage moving inventory and recovered vehicles. Since launching D2D in 2023, InstaCarro has partnered with online car dealerships, long-term rental companies, and financial institutions.
Luca Cafici, CEO of InstaCarro, commented on the company’s strategic focus to expand and diversify its revenues, which is quickly leading to profitability and accelerated growth. In 2024, InstaCarro anticipates launching innovative services to enrich consumers’ interactions with cars, such as revolutionizing the car documentation process, offering comprehensive inspection reports, and providing warranty extensions.
Currently, InstaCarro orchestrates more than 8,000 transactions monthly, with sales exceeding R$2 billion since its creation. With 35% of sales currently financed, the company aims to surpass the 50% mark by the end of the year, reinforcing its mission to democratize car financing.
As one of the main players in the Brazilian used car market, InstaCarro continues to redefine the industry with its cutting-edge platform, providing dealers with unparalleled financing, logistics, and documentation services while optimizing the automotive sector for greater efficiency and transparency.
