Malaysian startup iMotorbike announced on January 21, 2025, that it has successfully closed its US$10 million Series A funding round.
Co-founded by Gil Carmo and Sharmeen Looi, iMotorbike is a Southeast Asian platform for buying and selling pre-owned motorcycles.
The round was led by Headline, a global venture capital (VC) firm known for backing transformative B2B and B2C ventures. There was also participation from other prominent VC firms such as Ondine, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst.
“We first invested in iMotorbike in 2017, and remain confident that the used motorcycle market globally will remain resilient as riders seek affordable and reliable solutions amid economic uncertainties,” shared Khailee Ng, Managing Partner, 500 Global.
He continued, “As early movers, we believe Gil and his team have built over the last eight years a blueprint for trust and convenience in the motorcycle marketplace, putting them in a strong position to lead this mobility trend far beyond Southeast Asia.”
The Series A round was completed in two tranches with the first being in June 2023 when they had bagged RM12 million, while the latter is the recent funding led by Headline.
Expanding regionally and rapidly
According to a press release, this funding is instrumental in expanding iMotorbike’s footprint locally, where the company plans to open new inspection centres and showrooms in key locations such as Penang and Johor.
The establishment of these showrooms will be integral in bolstering the startup’s presence. After all, iMotorbike’s growth has been partially fueled by the launch of its three-storey Glenmarie showroom in 2024.
Parts of the new funding will also be earmarked for the company’s goal to grow its workforce by hiring skilled mechanics and operations staff.
The expansion plans will also extend outside of Malaysia, with a new branch in Taiwan already being planned.
If you’ve ever been to Taiwan, you may have noticed their streets being full of scooters, perhaps indicating a sizable market for iMotorbike to tap into.
Gil Carmo, the co-founder and CEO of iMotorbike, said, “With this funding, we are excited to take iMotorbike to the next level. Beyond expanding our footprint in Malaysia and opening in Taiwan, we will continue improving our platform and scaling our operations to meet the growing demand.”
Accelerating ahead
Since its founding in 2016, iMotorbike has built a strong presence in Malaysia and Vietnam by focusing on customer trust and convenience.
In fact, the startup reached a significant milestone of 10,000 customers this year. With that achievement, iMotorbike has arguably become the defacto go-to platform for motorcycle enthusiasts locally.
The startup has been able to make its mark in the industry thanks to key offerings such as its thorough 170-point inspection process, plus a hassle-free six-day return and six-month warranty policy.
Gil shared, “From day one, our goal has always been to create a platform that people can trust, whether buying or selling motorcycles. This funding validates the work we have done and the potential of pre-owned motorcycles in Southeast Asia.”
Featured Image Credit: iMotorbike
