Malaysia-based iMotorbike has secured $10 million in Series A funding round led by Headline, a global venture capital firm, with participation from other prominent venture capitals such as Ondine, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst.
The Series A funding was completed in two tranches: the first in June 2023, and the most recent round led by Headline.
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With the help of this finance, iMotorbike will be able to expand throughout Malaysia, opening new showrooms and inspection centers in strategic areas like Penang and Johor. The cash will also allow for worker expansion, with plans to add operational personnel and experienced mechanics. In addition to Malaysia, iMotorbike intends to open a new location in Taiwan.
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With an eye beyond 2025, iMotorbike remains committed to its goal of offering a reliable, easy-to-use platform for motorbike transactions. With a larger workforce and new markets on the horizon, the business is well-positioned to maintain its remarkable expansion and establish its dominance in Southeast Asia and beyond.
Akihiko Okamoto, partner at Headline Asia, said: “iMotorbike has demonstrated remarkable vision and execution in addressing gaps in the pre-owned motorcycle market. Their focus on quality, transparency, and customer satisfaction has established them as the leader in this growing market. As they prepare to enter new territories and expand across Southeast Asia, we are excited to support their journey and see them continue to innovate.”
“We first invested in iMotorbike in 2017 and remain confident that the global used motorcycle market will stay resilient as riders seek affordable and reliable solutions amid economic uncertainties. As early movers, Carmo and his team have spent the past eight years creating a blueprint for trust and convenience in the motorcycle marketplace, positioning them to lead this mobility trend far beyond Southeast Asia,” said Khailee Ng, managing partner at 500 Global.
Randolph Hsu, co-founder of Ondine Capital, commented: “As the lead investor in iMotorbike’s previous funding round, we are proud to support them with a super pro-rata investment in this new round. We have witnessed their remarkable growth and unwavering commitment to transforming the motorcycle market in Asia. We are confident in their vision, leadership, and ability to deliver value to clients. We foresee iMotorbike further strengthening its presence locally and internationally, and Ondine Capital will continue supporting them by bridging resources across Asia.”
Commenting on the funding, Gil Carmo, co-founder and CEO of iMotorbike, said: “From day one, our goal has been to create a platform that people can trust, whether buying or selling motorcycles. This funding validates the work we’ve done and the potential of pre-owned motorcycles in Southeast Asia. With this investment, we are excited to take iMotorbike to the next level.”
About iMotorbike
Founded in 2016 by Gil Carmo and Sharmeen Looi, iMotorbike is Southeast Asia’s pioneering e-commerce platform for buying and selling pre-owned motorcycles. iMotorbike offers a fast, secure, and hassle-free online experience with 170 inspection checkpoints, a 100% money-back guarantee return policy, warranty, nationwide delivery, and a bundle of finance, road tax, and insurance.
It has headquartered in Singapore and have a growing presence in Malaysia and Vietnam. Its mission is to address four pain points associated with buying and selling pre-owned motorcycles: reliability, transparency, market fragmentation, and time consumption.
