Daily Markup

Daily Markup #778: iMotorbike raises US$2.6M to expand in Malaysia & Vietnam and to drive sustainability in the two-wheeler space

July 4, 2023 · 2 min read
Credit: iMotorbike

Gaining speed

  • Zooming into its next phase of growth is 500-backed online motorcycle marketplace iMotorbike, after successfully raising a US$2.6M Series A from 500 Global, Gobi Partners, and Ondine Capital, among other investors.
  • The fresh capital will be used to strengthen the team’s operations in Malaysia and Vietnam, including opening more inspection centers in both countries, as well as investing in technology and talent.
  • iMotorbike allows you to buy and sell used motorcycles through one of their 170 inspection shops, while offering money-back guarantees, warranties, and insurance.
  • According to the team, they have generated over 2,500 transactions with total revenue of more than US$3.5M.
  • With connections to 5,000 dealers across Malaysia and Vietnam, the platform also provides financing option, insurance and road tax for users’ convenience.
  • Co-Founder & CEO Gil Carmo said the successful fundraise is a testament to the business of the motor trading platform, as the team looks to spearhead the transition towards a circular economy in the two-wheeler market.
  • He added that they will expand efforts to promote sustainability and create a robust ecosystem for the reusing of motorcycles, parts, and accessories to reshape the future of mobility.
  • Congratulations to the iMotorbike team!
  • Read the full story on TechNode Global.
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