InstaCarro, Brazil’s leading platform for the purchase and sale of used cars, has successfully closed a new round of investment, securing $10.9 million led by Fasanara Capital. With a focus on expanding its fintech platform, InstaCarro aims to bolster its finance arm and dealer-to-dealer sales platform while accelerating overall growth.

Since its inception in 2015, InstaCarro has revolutionized the car selling experience for consumers by offering instant cash and 24-hour remote auctions. Additionally, the platform has transformed the car buying experience for dealers, providing them with access to fully inspected and approved vehicles through a web or mobile application, along with financing options facilitated by InstaCarro. The company’s comprehensive suite of services includes software solutions, financing, logistics, registration, and paperwork, along with a growing inventory of high-quality cars.

The latest fundraising round will further enhance InstaCarro’s Direct-to-Reseller (D2D) operation, catering to fleet companies, financial institutions, and large car dealerships. By streamlining the sales process and improving efficiency, D2D assists in managing moving inventory and recovered vehicles. Since its launch in 2023, InstaCarro has formed strategic partnerships with online car dealerships, long-term rental companies, and financial institutions, bolstering its position in the market.

Commenting on the strategic focus of the company, Luca Cafici, CEO of InstaCarro, expressed optimism about achieving profitability and accelerated growth in the coming year. InstaCarro plans to introduce innovative services in 2024, aimed at enhancing consumer interactions with cars. These initiatives include revolutionizing the car documentation process by enabling customers to complete all necessary paperwork online, simplifying ownership transitions. Additionally, the platform will introduce comprehensive inspection reports and warranty extensions, offering buyers peace of mind and confidence in their purchases.

InstaCarro has emerged as a key player in the automotive industry, orchestrating over 8,000 transactions monthly and exceeding R$2 billion in sales since its inception. With 35% of sales currently financed, the company aims to surpass the 50% mark by the end of the year, furthering its mission to democratize car financing and provide comprehensive automotive solutions to consumers.