iMotorbike introduced that it has raised RM12 million (US$2.6 million) in its Collection A funding spherical led by Gobi Companions and Ondine Capital.
The funding spherical noticed returning participation from Penjana Kapital, The Hive Southeast Asia, 500 World, SOSV’s Orbit Startup; new buyers Goodwater Capital, Seedstars Worldwide Ventures and Permodalan Negeri Selangor Berhad (PNSB); in addition to different institutional enterprise capitalists.
iMotorbike, which permits customers to purchase and promote preowned bikes on a safe market, was based by entrepreneurs Gil Carmo and Sharmeen Looi to handle the hole within the two- wheeler market.
The Collection A funds might be used to strengthen the iMotorbike operations in Malaysia and Vietnam, together with opening extra inspection centres in each international locations; in addition to for know-how and expertise investments.
iMotorbike co-founder & CEO Gil Carmo stated the profitable fundraise is a testomony to the enterprise of the motor buying and selling platform.
“This infusion of capital might be instrumental in fueling the following section of development for the corporate, as we spearhead the transition in direction of a round economic system within the two-wheeler market. We’ll develop our efforts to advertise sustainability, create a sturdy ecosystem for the reusing of bikes, elements and equipment to reshape the way forward for mobility”, stated Carmo.
So far, iMotorbike has secured a complete of RM19.3 million (US$4.2 million) since its pre-seed funding spherical.