The Munich-based platform for buying used cars Instamotion raised 24 million euros ($28.6 million) in Series B funding led by G+J Digital Ventures in cooperation with Ad Alliance. Existing investors, Earlybird and THI Investments, as well as Dublin-based ACT Ventures, also participated in the current round.
Previously, the company raised 7 million euros ($8.3 million) in November 2019. The company plans to use the new funding to accelerate its expansion and extend its technological lead.
Instamotion offers a fully digital car buying experience in Germany, including financing with instant commitment, insurance, registration, and delivery to the user’s door. On its platform, the company has more than 30,000 expert-approved used vehicles which are not older than 5 years and have run less than 100,000 km.
“Our mission is to enable a new way of buying a car by building a compelling end-to-end experience for our users and offering car purchase as an all-round service. To make this possible, we are consistently digitizing all processes along the car buying value chain. The investment by G+J Digital Ventures in cooperation with the Ad Alliance, will give us access to the TV, digital and print reach of the Gruner + Jahr brands and Mediengruppe RTL, enabling us to build a strong market communication,” said Dr. Nikolas Deskovic, CEO of Instamotion in an announcement.
Instamotion operates in a high-growth market: according to the current DAT report of 2021, 30% of customers searching for a used car are ready to buy it fully online.