diff --git a/CHANGELOG.md b/CHANGELOG.md
index a38ae3d..78f1e64 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,7 +7,8 @@ We follow Semantic Versions since the `0.1.0` release.
 
 ### Features
 
-- Adds support for multiple type arguments in `Supports` type
+- Adds support for multiple type arguments in `Supports` type #244
+- Adds support for types that have `__instancecheck__` defined #248
 
 ### Bugfixes
 
diff --git a/classes/_typeclass.py b/classes/_typeclass.py
index cff27fa..b48273a 100644
--- a/classes/_typeclass.py
+++ b/classes/_typeclass.py
@@ -117,6 +117,7 @@
 
 from abc import get_cache_token
 from functools import _find_impl  # type: ignore  # noqa: WPS450
+from types import MethodType
 from typing import (  # noqa: WPS235
     TYPE_CHECKING,
     Callable,
@@ -499,6 +500,8 @@ def instance(
         self,
         type_argument: Optional[_NewInstanceType],
         *,
+        # TODO: at one point I would like to remove `is_protocol`
+        # and make this function decide whether this type is protocol or not.
         is_protocol: bool = False,
     ) -> '_TypeClassInstanceDef[_NewInstanceType, _TypeClassType]':
         """
@@ -507,21 +510,26 @@ def instance(
         The only setting we provide is ``is_protocol`` which is required
         when passing protocols. See our ``mypy`` plugin for that.
         """
-        if type_argument is None:  # `None` is a special case
-            type_argument = type(None)  # type: ignore
+        typ = type_argument or type(None)  # `None` is a special case
 
         # That's how we check for generics,
         # generics that look like `List[int]` or `set[T]` will fail this check,
         # because they are `_GenericAlias` instance,
         # which raises an exception for `__isinstancecheck__`
-        isinstance(object(), type_argument)  # type: ignore
+        isinstance(object(), typ)
 
         def decorator(implementation):
             container = self._protocols if is_protocol else self._instances
-            container[type_argument] = implementation  # type: ignore
+            container[typ] = implementation
+
+            if isinstance(getattr(typ, '__instancecheck__', None), MethodType):
+                # This means that this type has `__instancecheck__` defined,
+                # which allows dynamic checks of what `isinstance` of this type.
+                # That's why we also treat this type as a protocol.
+                self._protocols[typ] = implementation
 
             if self._cache_token is None:  # pragma: no cover
-                if getattr(type_argument, '__abstractmethods__', None):
+                if getattr(typ, '__abstractmethods__', None):
                     self._cache_token = get_cache_token()
 
             self._dispatch_cache.clear()
diff --git a/docs/pages/concept.rst b/docs/pages/concept.rst
index ffeb7c4..9a60757 100644
--- a/docs/pages/concept.rst
+++ b/docs/pages/concept.rst
@@ -95,6 +95,47 @@ to be specified on ``.instance()`` call:
   >>> assert to_json([1, 'a', None]) == '[1, "a", null]'
 
 
+``__instancecheck__`` magic method
+----------------------------------
+
+We also support types that have ``__instancecheck__`` magic method defined,
+like `phantom-types <https://github.com/antonagestam/phantom-types>`_.
+
+We treat them similar to ``Protocol`` types, by checking passed values
+with ``isinstance`` for each type with ``__instancecheck__`` defined.
+First match wins.
+
+Example:
+
+.. code:: python
+
+  >>> from classes import typeclass
+
+  >>> class Meta(type):
+  ...     def __instancecheck__(self, other) -> bool:
+  ...         return other == 1
+
+  >>> class Some(object, metaclass=Meta):
+  ...     ...
+
+  >>> @typeclass
+  ... def some(instance) -> int:
+  ...     ...
+
+  >>> @some.instance(Some)
+  ... def _some_some(instance: Some) -> int:
+  ...     return 2
+
+  >>> argument = 1
+  >>> assert isinstance(argument, Some)
+  >>> assert some(argument) == 2
+
+.. note::
+
+  It is impossible for ``mypy`` to understand that ``1`` has ``Some``
+  type in this example. Be careful, it might break your code!
+
+
 Type resolution order
 ---------------------