Greek startup Insacar raises €55 million in funding

Athens-based startup instacar, the first fully digital vehicle rental service in Greece, announced the raising of new funds, totaling 55 million euros, which will allow it to accelerate the company’s strategic development plan for the coming years.

Autohellas, Olympia Group and Velocity.Partners participate in the new financing round, which is the second in a row, after the initial investment for its creation, as well as Elikonos 2 SCA SICAR as a new investment partner. It is worth noting that the first three renew their trust in the development model of instacar, continuing their practical financial support in the evolution of the innovative Greek startup, into a dynamic company that develops in Greece the flexible car subscription model (car as a service).

instacar was founded in 2018 and officially launched its service in September 2019, providing an innovative solution to fill the gap between car rental and traditional leasing. The most successful Greek startup, in just three years of operation, has managed to identify its name with the flexible subscription car model, attracting significant investments and strategic partnerships, which allow it to implement an expanded strategic development plan.

The new investment funds, which instacar draws, will accelerate the company’s development, in four main pillars: the further development of the subscription car model in Greece, the creation of the “one stop app” which will provide all the services that related to a car, from leasing, to service, changing tires, washing or even parking, to the development of services as a whole for mobility in cities, including e-scooters, e-bikes and micromobility vehicles as well as strengthening the company’s extroversion plan, with the development of its services in new markets, outside of Greece.

“We started, 3 years ago, with the implementation of an innovative idea, creating a practical option for businesses and individuals who wanted a flexible model in the acquisition of a modern vehicle. Today, we have essentially created a new market, that of subscription services in mobility, which is also the dominant trend worldwide, constantly winning more and more consumers.”

“The new financing round reflects the confidence of our investors – existing and new -, in the entire venture and marks a second phase of development for the company, which strengthens, expands and expands its activity and services. The investment mix of strategic and institutional investors backing instacar creates significant goodwill for the company’s next phase of growth as they bring strategic market access and strong visibility to foreign investment portfolios. We develop on the basis of our three central values, ‘be fair’, ‘be consistent’, ‘be bold’ and we base every relationship we create, with our team, our customers and our investors, on them”, noted Antonis Samothrakis , co-founder and CEO of instacar.

Instacar is currently one of the fastest growing Greek companies, maintaining a team of 65 people and recording a steady growth rate exceeding 100% per year, in a market, that of flexible car rental, which is one of the most dynamic worldwide , attracting the interest of investors, businesses and individuals.