iMotorbike completes Series A funding with USD$10 million to drive regional growth

  • Round led by Headline, with participation from 500 Global, Gobi Partners etc
  • Funding will expand iMotorbike with centres and showrooms in Penang & Johor

(From left to right: Gil Carmo and Sharmeen Looi, co-founders of iMotorbike, Akihiko Okamoto, partner of Headline Asia and Brian Yen of Headline Asia principal)

iMotorbike, Southeast Asia’s leading motorcycle platform for buying and selling pre-owned motorcycles, has announced the completion of a US$10 million (RM44.6 million) Series A funding round. The round was led by Headline, a global venture capital firm renowned for backing transformative B2B and B2C ventures, with participation from other prominent investors, including 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.

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.”

This funding will support iMotorbike’s expansion in Malaysia, where the company plans to open new inspection centres and showrooms in key locations, including Penang and Johor. Additionally, the funding will enable workforce growth, with plans to hire skilled mechanics and operations staff. Beyond Malaysia, iMotorbike is also planning to establish a new branch in Taiwan.

“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.

Fast growth and expansion

iMotorbike’s growth in Malaysia has been accelerating, bolstered by the launch of its Glenmarie showroom in 2024, a three-storey, 46,806-square-foot facility in Selangor. Co-founded by Gil Carmo and Sharmeen Looi, iMotorbike reached a significant milestone in 2024, serving 10,000 customers and becoming the go-to platform for motorcycle enthusiasts across Southeast Asia. Its growing online presence, particularly on TikTok, where content has garnered up to 1.6 million views, has further cemented its popularity among digital-savvy users. By seamlessly integrating online and offline experiences, iMotorbike ensures a smooth trading journey, offering a trusted platform for buying, selling, and trading motorcycles.

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.”

Since its founding in 2016, iMotorbike has established a strong presence in Malaysia and Vietnam by prioritising customer trust and convenience. Features such as a comprehensive 170-point inspection, a six-day return policy, and a six-month warranty have solidified its reputation as a reliable, customer-focused platform.

Looking ahead

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.”

He continued: “Beyond expanding our footprint in Malaysia and launching in Taiwan, we will continue improving our platform and scaling our operations to meet growing demand. We are deeply grateful for the trust our investors and customers have placed in us and remain committed to setting new standards within the industry, making pre-owned motorcycles more accessible and hassle-free for everyone.”

Looking towards 2025, iMotorbike is steadfast in its mission to provide a trusted, seamless platform for motorcycle transactions. With new markets on the horizon and an expanded team, the company is poised to sustain its impressive growth and solidify its leadership across Southeast Asia and beyond.

 


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