Greek car-as-a-service startup Instacar is transforming the car leasing experience with a fully digital, hassle-free platform. Founded in 2019, Instacar has secured €55 million in a recent Series A funding round to expand its operations in Greece and other European markets and develop new products and services. The funding will also be used to develop an app for car and mobility auxiliary services. With this latest investment, Instacar is poised to continue its rapid expansion and reshape the car leasing industry.
Revolutionizing Car Leasing
The traditional car leasing industry has been dominated by long-term contracts and complicated paperwork, but Instacar’s digital approach has already begun to disrupt the market. Instacar’s solution allows customers to choose a car from a wide selection of models, book it online, and have it delivered to their doorstep. The platform offers a fully digital, hassle-free experience, enabling customers to obtain their vehicles through a digital procedure that lasts only a few minutes.
Co-founder and CEO Antonis Samothrakis said in a previous interview, “our long-term vision during the next 3 years is to transform Instacar into a mobility super-app aiming to connect drivers/riders with suppliers and tap into new possibilities around mobility.” The startup is also looking to expand to new markets in the Balkans and MENA region.
The Road Ahead for Instacar
Instacar’s co-founder Antonis Samothrakis shared some of the key highlights from his journey so far and his vision for the future. During the past two years, Instacar has built a business of a current ARR of +€3M with an initial investment of €300k of equity. Instacar has also built a fleet of 600 cars having customers all over Greece. In the challenging pandemic period, the startup supplied SMEs with minivans for last-mile/courier services.
The company’s next goals include adding further types of vehicles to its platform, enhancing customer experience, and improving technology. The startup is also exploring new potential markets for expansion in the Balkans and MENA region. Instacar aims to transform itself into a mobility super-app aiming to connect drivers/riders with suppliers and tap into new possibilities around mobility.
Investors’ Trust in Instacar
The €55M Series A round was led by investors such as Autohellas/Vasilakis Group and the Olympia Group, with new investors joining as well. Instacar has also built strong industry relations with car and financing suppliers. According to Samothrakis, “VCs are managing funds of investors and their goal is to return profits, and you can’t be their only spot of attention.”
Further Reading:
To learn more about Instacar and its journey to transforming the car leasing industry, check out the following articles:
- “Greek Startup Instacar Raises €55M to Transform Car Leasing Experience” by The Recursive: https://therecursive.com/greek-startup-instacar-raises-e55m-to-transform-car-leasing-experience/
- “A chat with Instacar: reinventing the car ownership experience in Greece” by Velocity Partners: https://medium.com/velocity-partners/2-years-with-instacar-6476ef52e560
These articles provide valuable insights into Instacar’s approach to disrupting the car leasing industry and its plans for the future.
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