KUALA LUMPUR, 27 June 2023: iMotorbike, Southeast Asia’s pioneer e-commerce platform for buying and selling preowned motorcycles, today announced that it has raised RM12 million (US$2.6 million) (US$1 = RM4.6125) in its Series A funding round led by Gobi Partners and Ondine Capital.
The funding round saw returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup; new investors Goodwater Capital, Seedstar Capital and Permodalan Negeri Selangor Berhad (PNSB); as well as other institutional venture capitalists.
iMotorbike, which enables users to buy and sell preowned motorcycles on a secure marketplace, was founded by entrepreneurs Gil Carmo and Sharmeen Looi to address the gap in the two-wheeler market. iMotorbike’s platform is fast, efficient and safe, offering money-back guarantee and warranties.
iMotorbike generated over 2,500 transactions with total revenue of more than RM16 million (US$3.5 million). With connections of 5,000 dealers across Malaysia and Vietnam, it also provides financing options, insurance and road tax for users’ convenience.
The Series A funds will be used to strengthen the iMotorbike operations in Malaysia and Vietnam, including opening more inspection centres in both countries; as well as for technology and talent investments.
iMotorbike co-founder & CEO Gil Carmo said the successful fundraise is a testament to the business of the motor trading platform.
“This infusion of capital will be instrumental in fueling the next phase of growth for the company, as we spearhead the transition towards a circular economy in the two-wheeler market. We will expand our efforts to promote sustainability, create a robust ecosystem for the reusing of motorcycles, parts and accessories to reshape the future of mobility”.
“We are customer-obsessed. We drive our strategy by improving customer experience in every aspect of our business, hence this is why we are opening more inspection centres. The value of what we are building is showing from the good customer feedback we get on a daily basis,” said Carmo.
Gobi Partners co-founder and chairperson, Thomas G. Tsao, has a positive outlook on the potential for substantial growth in iMotorbike given the size of the Southeast Asian market.
“iMotorbike serves as an excellent example of a circular economy startup, with the potential to become a major player in the two-wheeler industry. In Malaysia alone, there are 1:1 motorcycles for every car, and this ratio increases to 6.5X in Indonesia and a staggering 14.2X in Vietnam. This represents a combined market size of 216 million motorcycles which iMotorbike is poised to tap into,” said Tsao.
Ondine Capital founding partner Randolph Hsu said its latest investment into iMotorbike aligns perfectly with its focus to fund Southeast Asian startups with consumer technology.
“We are always on the lookout for promising startups with a unique value proposition. iMotorbike has stood out with its market traction, stemming from its mission to improve the preloved motorbike market. We are excited to be part of their growth journey,” said Hsu.
To date, iMotorbike has secured a total of RM19.3 million (US$4.2 million) since its pre-seed funding round.
With rising inflation and higher cost of living amid surging fuel prices, iMotorbike expects to see more people turning to motorcycle as a mode of transportation and as a means of generating income. Two-wheelers remain a viable, low-maintenance option for many commuters and e-commerce riders and iMotorbike is well-positioned to capitalise on this immense potential.
Entering the next exciting phase of growth, iMotorbike is poised to continue revolutionising the preowned motorcycle landscape. The startup remains committed to its vision of tackling four pain points of buying and selling preowned motorcycles – reliability, transparency, market fragmentation and time consumption.
iMotorbike offers a fast, secure, easy and hassle-free online experience with 170 inspection points, 6 days return, 6 months warranty, countrywide delivery and a bundle of finance, road tax and insurance. Additionally, it also provides consumers with the latest motorcycle news.