Pre-owned motorcycle startup iMotorbike raises RM12 million in Series A funding
Derryn Wong
MALAYSIA-BASED pre-owned motorcycle platform iMotorbike has raised RM12 million (S$3.5 million) in Series A funding led by Gobi Partners and Ondine Capital.
This round of funding also involved new investors Goodwater Capital, Seedstars International Ventures and Permodalan Negeri Selangor Berhad (PNSB). Returning investors include 500 Global, Orbit Startups (part of venture capital firm SOSV), Penjana Kapital and The Hive Southeast Asia.
The startup will use the funding to expand its current operations in Malaysia and Vietnam, which will include the opening of more motorcycle inspection centres in both countries. It will also use the money for “technology and talent investments”.
An online platform for the buying and selling of pre-owned motorcycles, Singapore-registered iMotobike is headquartered in Kuala Lumpur.
It was founded in 2016 by Gil Carmo and Sharmeen Looi, who are currently the chief executive officer and chief marketing officer, respectively.
“This infusion of capital will be instrumental in fuelling the next phase of growth for the company. We drive our strategy by improving customer experience in every aspect of our business. Hence, we are opening more inspection centres,” said Carmo.
Inclusive of the latest Series A funding, the company has received a total of RM19.3 million since its pre-seed funding round.
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