Latin American startup, Instacarro, raises $22.5 million in a Series A funding round

With the country's $50B used car market booming, Instacarro connects sellers with used car dealers

Instacarro, the Latin American startup that allows users to sell their used cars within hours, has finalized a Series A funding round totally $22.5 million. The round was led by both FJLabs and Lumia Capital. Other investors include Big Sur Partners, FundersClub, Global Founders, Hummingbird, and Rise Capital. Previously, the company raised $3.5 million during its seed round. Between the two different funding rounds, Instacarro is one of the highest funded startups in Brazil's history.

The company was founded last year by Diego Fischer and Luca Cafici with assistance from FJLabs. The platform is used to connect car owners and used car dealerships to give users a quick and easy way to sell their car, and provide a way for dealership to get quality vehicles for their lot. The company currently employs 150 people, and has built a cloud-based storage platform that works within Brazil's telecommunications network to share photos and data with the dealerships that use the service.

Typically, users can sell their car in as little as 90 minutes. Used cars are verified by Instacarro, who will either come examine the car or the vehicle can be brought to specified locations for examination. Currently, Instacarro is working with over 1,500 user car dealerships.

“This round of funding speaks not just to the ascendant potential of InstaCarro, but also to the confidence of investors in the Latin American startup scene,” says Diego Fischer, founder and CEO of InstaCarro. “Brazil is home to unique challenges we’ll continue to address, and unique opportunities we’ll continue to embrace.”