Spain-based Momovem, a platform for individuals to rent out their motorcycles by the day, is to launch rentals of new motorcycles by the month, and plans to expand into Italy and Portugal in the near future.
Founded in 2017 by CEO David Berbel (LinkedIn profile) and chief marketing officer Pablo Carceller (LinkedIn profile) in the city of Castellón in the eastern province of Valencia, Momovem views long-term motorcycle rentals as an alternative to ownership.
“This alternative to purchasing allows the customer to pay a fixed fee per month that includes the full service and being able to change the motorcycle every year,” the company said in a statement.
Discussing Momovem’s core business of short-term peer-to-peer rentals, Carceller recently told website El Español, “We were clear that the service we provided would have to be covered by an insurance company, but we were close to giving up. Others had already tried it before us and couldn’t launch their businesses precisely because of the insurance issue.”
“We take out basic third-party insurance, and we insure it [the motorcycle] for the owner, so they don’t have to worry about anything.” he added. “Many clients call us and almost want us to convince them to join [the platform] … most of the time, people take better care of the motorcycle that they rent than the one they own.”
Momovem currently has more than 21,500 users and more than 1,000 motorcycles for rent, according to the company. It charges a commission of 20% and had revenue of €400,000 ($434,000 U.S.) last year. Some 97% of its clients are male and aged between 35 and 45, it added.