iMotorbike announced that it has raised RM12 million (US$2.6 million) 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, Seedstars International Ventures 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.
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”, said Carmo.
To date, iMotorbike has secured a total of RM19.3 million (US$4.2 million) since its pre-seed funding round.