iMotorbike Raises RM12 Million in Series A Funding Round to Drive Expansion and Foster Sustainability in Motorcycle Trading

iMotorbike, a leading secure marketplace for preowned motorcycles, has raised RM12 million (US$2.6 million) in its recent Series A funding round. Led by Gobi Partners and Ondine Capital, the funding will support the company’s expansion plans, technology advancements, and commitment to sustainability in the two-wheeler market.

10 July 2023 – iMotorbike, the leading secure marketplace for buying and selling preowned motorcycles, has successfully raised RM12 million (US$2.6 million) in its Series A funding round. The round was led by Gobi Partners and Ondine Capital, with participation from a strong lineup of returning and new investors, including Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup, Goodwater Capital, Seedstars International Ventures, and Permodalan Negeri Selangor Berhad (PNSB), among others.

Founded by entrepreneurs Gil Carmo and Sharmeen Looi, iMotorbike aims to bridge the gap in the two-wheeler market by providing a secure platform for users to buy and sell preowned motorcycles. The latest funding will enable the company to strengthen its operations in Malaysia and Vietnam, including the establishment of additional inspection centers in both countries. Additionally, the funds will be allocated to technology advancements and talent acquisition.

Gil Carmo, Co-founder and CEO of iMotorbike, expressed his confidence in the motor trading platform and emphasized the significance of the successful fundraise. He stated, “This infusion of capital will play a pivotal role in driving the next phase of growth for our company as we lead the way in transitioning towards a circular economy in the two-wheeler market. We are committed to promoting sustainability and building a robust ecosystem for the reuse of motorcycles, parts, and accessories, reshaping the future of mobility.”

With the Series A funding, iMotorbike has now secured a total of RM19.3 million (US$4.2 million) since its pre-seed funding round. The company remains dedicated to revolutionizing the two-wheeler market, offering a secure and efficient platform for individuals to engage in motor trading while promoting environmental sustainability. – MyStartup

Author: Terry KS

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