iMotorbike Raises US$2.6mil in Series A Round

By Digital News Asia June 27, 2023

Operations in Malaysia and Vietnam on expansion path
Investments in technology and talent to drive growth

(L to R) Gobi Partners Managing Partner (Malaysia), Jamaludin Bujang , iMotorbike Co-founder and Chief Marketing Officer, Sharmeen Looi, iMotorbike Co-founder and Chief Executive Officer, Gil Carmo and Gobi Partner.

iMotorbike, today announced that it has raised RM12 million (US$2.6 million) in its Series A funding round led by Gobi Partners and Ondine Capital.

The funding round saw returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV's Orbit Startup; new investors Goodwater Capital, Seedstar Capital and Permodalan Negeri Selangor Berhad (PNSB); as well as other institutional venture capitalists.

The Series A funds will be used to strengthen the iMotorbike operations in Malaysia and Vietnam, including opening more inspection centres in both countries and for technology and talent investments.

"This infusion of capital will be instrumental in fueling the next phase of growth for the company as we spearhead the transition towards a circular economy in the two-wheeler market," said iMotorbike co-founder & CEO Gil Carmo

"iMotorbike serves as an excellent example of a circular economy startup with the potential to become a major player in the two-wheeler industry," said Gobi Partners co-founder and chairperson Thomas Tsao.

He added that In Malaysia alone, there are 1:1 motorcycles for every car, increasing to 6.5X in Indonesia and 14.2X in Vietnam. This represents a combined market size of 216 million motorcycles which iMotorbike is poised to tap into.

"iMotorbike has stood out with its market traction, stemming from its mission to improve the preloved motorbike market," said Ondine Capital founding partner Randolph Hsu.

iMotorbike has secured RM19.3 million (US$4.2 million) since its pre-seed funding round.

iMotorbike, a preowned motorcycle marketplace, was founded by Carmo and Sharmeen Looi. It has generated over 2,500 transactions with total revenue of more than RM16 million (US$3.5 million). With connections of 5,000 dealers across Malaysia and Vietnam, it also provides financing options, insurance and road tax for users' convenience.