After a successful Series A that raised US$22.5M, the used car startup, InstaCarro, raised another US$7.5M to round out their investment to US$30M. Previous investors include FJLabs, Lumia Capital, Hummingbird, Rise Capital, Global Founders, and Tekton Ventures.
The Brazilian-Dominican startup helps users buy used cars quickly and safely through their online platform. Sellers register their car on the platform, submit it for inspection, and wait for a price to be listed. Buyers just shop for a car on their marketplace, submit a price, then negotiate with the seller to purchase the car.
This Series A is one of the largest for a Brazilian startup to date. Said CTO Onil Pereyra in an interview with PulsoSocial:
“Our largest challenge has been to grow the company at the speed that the market is growing. We have had to go from being a 10 person company to a more than 200 person company just to respond to market demand.”
Read more at PulsoSocial.