Preowned motorcycles marketplace iMotorbike scores US$2.6M for expansion in Malaysia, Vietnam

Malaysia-based iMotorbike, an e-commerce platform for preowned motorcycles, has raised RM12 million (US$2.6 million) in a Series A funding round led by Gobi Partners and Ondine Capital.

Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startup, Goodwater Capital, Seedstar Capital, Permodalan Negeri Selangor Berhad (PNSB), and other undisclosed institutional VCs also joined.

The funds will be used to strengthen its operations in Malaysia and Vietnam, besides investing in technology and talent.

iMotorbike has secured US$4.2 million since its pre-seed funding round.

Founded by Gil Carmo and Sharmeen Looi, iMotorbike enables users to buy and sell preowned motorcycles. With connections of 5,000 dealers across Malaysia and Vietnam, it also provides financing options, insurance and road tax. In 2022, the firm generated over 2,500 transactions with over US$3.5 million in total revenue.

iMotorbike has 170 inspection points, six days return, six months warranty, countrywide delivery and a bundle of finance, road tax and insurance.

CEO Gil Carmo said: “This infusion of capital will be instrumental in fueling the next growth phase for the company as we spearhead the transition towards a circular economy in the two-wheeler market. We will expand our efforts to promote sustainability, create a robust ecosystem for the reusing of motorbikes, parts and accessories to reshape the future of mobility.”

Gobi Partners Co-Founder and chairperson Thomas Tsao said: “In Malaysia alone, there are 1:1 motorcycles for every car, and this ratio increases to 6.5X in Indonesia and a staggering 14.2x in Vietnam. This represents a combined market size of 216 million motorcycles which iMotorbike is poised to tap into.”

With rising inflation and higher cost of living amid surging fuel prices, iMotorbike expects to see more people turning to motorcycles as a mode of transportation and generating income.