Spain-based Cüimo, a marketplace dedicated to buying and selling motorcycles, has raised €900,000 ($985,000 U.S.) in a funding round led by investment company Encomenda, local media report. ENISA (Empresa Nacional de Innovacion S.A.) — an entity owned by the Spanish government — contributed €300,000 to the funding round.
A number of angel investors also participated. These included Carlos Rivera, co-founder of digital auto retailer Clicars, which was acquired by France-based Aramis in May last year. He will become an advisor to the company.
According to Cüimo, it allows consumers to “buy a second-hand motorcycle located in Seville from Burgos with total security, knowing that it will arrive, having been revised, in a week, in your name, with the insurance and guarantees you need.” The Madrid-headquartered company also offers Cüimo Prime, which offers to deliver reconditioned motorcycles to the buyer’s home in 72 hours.
It added that its turnover has been growing 25% month on month, reaching €350,000 in October. It is aiming to reach profitability “in the coming months” and sell more than 2,500 motorcycles and generate revenue of €12 million in 2024.
Cüimo co-founder and CEO Alejandro de la Hoz commented: “We are very happy to be able to have partners with so much qualified experience to contribute … The motorcycle market in our country is still very traditional, very little digitalized and presents a high degree of mistrust between individuals. Sales are reduced, almost entirely, to those located near the buyer’s home.”
Cüimo’s main rival is Barcelona-based MundiMoto.