Insurance company Mutua Madrileña has raised its stake in Spain-based motorcycle refurbisher MundiMoto to 4.5%, El Economista reports.

The investment was made through investment vehicle Mutua Ventures.

Mutua Ventures made its initial investment in MundiMoto in June last year, when it participated in the latter’s €10.0 million ($10.9 million million U.S.) funding round.

MundiMoto was cofounded by Alberto Fossas Garcia and Josep Talavera in 2019. The former left the company in January last year, while the latter remains its CEO.

The company also offers long-term motorcycle renting and operates a marketplace for motorcycle parts and accessories. It also sells new electric motorcycles from several manufacturers.

Revenue at MundiMoto rose from €15 million to €60 million between 2021 and 2022, and it commenced operations in Italy 2023.

In October last year, it closed a €6.0 million financing agreement with BBVA Spark.

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