iMotorbike, a Singapore-headquartered, pre-owned motorbike buying and selling marketplace with operations in Malaysia and Vietnam, has raised $10 million in a Series A round led by Headline Asia, a global venture capital firm focussed on B2B and B2C ventures, according to a release.
Ondine Capital, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst were the other venture capital investors that participated in the round. The Series A round was completed in two tranches with the first one in June, 2023 when the company raised $2.6 million anchored by Gobi Partners and Ondine Capital.
The motorbike trading company plans to use the fresh capital to expand in Malaysia by opening new inspection centres and showrooms in key locations including Penang and Johor. The expansion plans stretch beyond Malaysia as the company is also planning to open a new branch in Taiwan. It is also eyeing to hire new people including skilled mechanics and operations staff.
“With this funding, we are excited to take iMotorbike to the next level. Beyond expanding our footprint in Malaysia and opening in Taiwan, we will continue improving our platform and scaling our operations to meet the growing demand,” Gil Carmo, Co-founder and Chief Executive Officer of iMotorbike, said in the release.
Established in 2016 by Gil Carmo and Sharmeen Looi, iMotorbike has grown to be a prominent player in Malaysia and Vietnam. The company offers a fast, secure and hassle-free buying and selling experience that includes countrywide delivery, finance, road tax, and insurance along with a warranty of six months and a six-day return policy.
It has 10,000 customers currently with growing online popularity, especially on the short video making platform TikTok, where its content has garnered up to 1.6 million views.
