Barcelona-headquartered MundiMoto, which buys, reconditions and sells used motorcycles, has closed a €10.0 million ($10.7 million million U.S.) funding round, local media report.
The round was led by Orilla Asset Management, the family office of Francisco Riberas, the founder and president of Madrid-headquartered automotive engineering company Gestamp. Mutua Ventures, the start-up investment vehicle of insurance company Mutua Madrileña, also participated, as did existing investors P101, Autotech and Maniv Mobility.
This was MundiMoto’s first funding round since it raised €20.0 million in February 2022.
Apart from Spain, MundiMoto also operates in Italy, where it began purchasing used motorcycles in April this year.
Earlier in the year, the company diversified into long-term motorcycle renting, and last month, it launched a marketplace for motorcycle parts and accessories. It also sells new electric motorcycles from a number of manufacturers, including Seat, the local subsidiary of Germany-based Volkswagen.
Between 2021 and 2022, revenue at MundiMoto rose from €15.0 million to €60.0 million, according to the company, which added that it sold 15,000 units in the latter year.