Instacar has banked €55 million on the strength of its expanded services offering

Greek car leasing platform Instacar is reported to have closed out €55 million in equity and debt funds as investors bought into its growth vision of melding flexible car rental with value-add services.

Co-founder Antonis Samothrakis was quoted by Greek news daily Ekathimerini confirming a share capital increase and borrowing facility.

The round was co-led by Autohellas, a Greek car, light truck and equipment rental company,  and LP fund Ellikonos 2 SCA with participation from Olympia Group and Velocity Partners.

Olympia, Velocity and Autohellas had all backed Instacar previously.

The Instacar platform was launched in 2019 and now supports flexible hire on leases ranging from one month to two years, covering cars, vans, e-bikes and various other vehicles.

Crucially, the software uses internal application metrics to supply a lease without a bond or down payment. The recent expansion has seen it offer services like tire changes, cleaning and parking, Ekathimerini reported.