InstaCarro, a Sao Paulo, Brazil-based marketplace for buying and selling used cars, raised $22m in the first venture capital funding round.
The round was co-led by FJ Labs and Lumia Capital.
The company intends to use the funds for product development and international expansion.
Co-founded by Diego Fischer and Luca Cafici, InstaCarro provides an online marketplace that buys car directly from owners and sells them to used-car dealers.
To date, the company has sold more than 10,000 cars to dealers.