Brazil-based car-auction site InstaCarro.com has raised BRL55 million ($10.9 million U.S.) in funding to expand its financing capabilities, the company said in a LinkedIn post.

InstaCarro.com promises to sell any car within 24 hours to a network of thousands of dealers via online auction.

The investment round was led by Fasanara Capital, with J Ventures, FJ Labs and Rise Capital also participating.

InstaCarro.com has raised a total of $50.0 million to date, the company said.

Luca Cafici, the company’s CEO, said the funding would help the business to expand vehicle financing.

According to InstaCarro.com, it closes about 8,000 car transactions a month and is aiming to finance half of all sales on the site by year-end.

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