With rising inflation, higher cost of living amid surging fuel prices, Headquartered in Kuala Lumpur, iMotorbike expects to see more people turning to motorcycles 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.
Bolster position in Malaysia and Vietnam
Capitalising on this growth in two-wheelers, iMotorbike, a pioneering e-commerce platform for buying and selling preowned motorcycles, has raised $2.6 million in a Series A funding round. The investment round was led by Gobi Partners and Ondine Capital. Also, it saw participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup; new investors Goodwater Capital, Seedstars International Ventures, and Permodalan Negeri Selangor Berhad (PNSB); as well as other institutional venture capitalists.
With this round, the total funding raised by the company accounts for $4.2 million. The fresh 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, and create a robust ecosystem for the reusing of motorcycles, parts, and accessories to reshape the future of mobility”, said Carmo.
Gobi Partners co-founder and chairperson, Thomas Tsao, said “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.”
Ondine Capital founding partner Randolph Hsu added “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.”
“We are thrilled to support iMotorbike’s vision of revolutionizing the preowned motorcycle market and contributing to the circular economy. With their strong execution and the immense opportunity in Southeast Asia, we believe they are well positioned to become a major player in the industry,” shared Patricia Sosrodjojo, General Partner at Seedstars International Ventures.
Amazon of pre-owned two-wheelers
Founded by entrepreneurs Gil Carmo and Sharmeen Looi, iMotorbike enables users to buy and sell preowned motorcycles on a secure marketplace. It aims to address the gap in the two-wheeler market by providing fast, efficient, and safe purchases, and offering money-back guarantee and warranties.
It offers a 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. its mission is to tackle four pain points of buying and selling preloved motorcycles, which are reliability, transparency, market fragmentation and time consumption.
iMotorbike generated over 2,500 transactions with total revenue of more than $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.
