Kuala Lumpur-based digital auto retailer iMotorbike has raised MYR12 million ($2.6 million U.S.) in a series A funding round led by Gobi Partners and Ondine Capital.
The company, which buys, reconditions and sells used motorbikes, said the funding would be used to drive its expansion in Malaysia and Vietnam, as well as to invest in technology and staffing.
It was founded in 2016 by Gil Carmo and Sharmeen Looi and says it has recored more than 2,500 transactions worth more than RM16 million ($3.5 million U.S.) to date.
According to the company, it works with 5,000 dealers across Malaysia and Vietnam and also provides financing, insurance and road tax on every trade. All motorcycles that it sells are subject to an inspection covering 170 checkpoints and come with a six day returns policy and a six month warranty.
iMotorbike says it expects to see more people to start using motorcycles both for transport and as a means of generating income, particularly as e-commerce delivery riders.
iMotorbike co-founder and CEO Gil Carmo said: “This infusion of capital will be instrumental in fuelling 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.”
Existing investors Penjana Kapital, The Hive Southeast Asia, 500 Global and SOSV’s Orbit Startups participated in the funding round, alongside Goodwater Capital, Seedstar Capital and Permodalan Negeri Selangor Berhad (PNSB), amongst others. To date, iMotorbike has raised a total of RM19.3 million ($4.2 million U.S.).
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.”