iMotorbike raises $10M in Series A funding to expand in Southeast Asia

The pre-owned motorcycle e-commerce platform, backed by global investors, plans to open new showrooms in Malaysia and launch in Taiwan, as it continues to grow its market presence.

iMotorbike, Southeast Asia’s leading platform for buying and selling pre-owned motorcycles, has successfully closed a US$10 million (RM44.6 million) Series A funding round. Led by global venture capital firm Headline, the round also saw participation from prominent investors, including Ondine, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst. The Series A funding was completed in two stages, with the first tranche closing in June 2023 and the final round led by Headline.

Akihiko Okamoto, partner at Headline Asia, praised iMotorbike’s progress: “iMotorbike has shown exceptional vision in addressing gaps in the pre-owned motorcycle market. Their commitment to quality, transparency, and customer satisfaction has made them a leader in this growing sector. We are excited to support their expansion into new markets across Southeast Asia.”

The funding will enable iMotorbike to expand further in Malaysia. The company plans to open new inspection centres and showrooms in key locations like Penang and Johor. Additionally, the company will focus on workforce growth, hiring more skilled mechanics and operational staff. Beyond Malaysia, iMotorbike plans to establish a new branch in Taiwan to further extend its reach.

Khailee Ng, managing partner at 500 Global, remarked: “Having invested in iMotorbike since 2017, we’re confident in the resilience of the global used motorcycle market. We believe iMotorbike’s leadership and innovative approach will drive them far beyond Southeast Asia.”

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iMotorbike’s expansion has been rapid, especially following the 2024 launch of its Glenmarie showroom in Selangor, a 46,806-square-foot, three-storey facility. The platform, co-founded by Gil Carmo and Sharmeen Looi, reached a major milestone in 2024, serving 10,000 customers across Southeast Asia. Its growing online presence, especially on TikTok, where content has garnered up to 1.6 million views, further solidifies its popularity among digital-savvy consumers.

Randolph Hsu, co-founder of Ondine Capital, highlighted the company’s progress: “We’ve seen iMotorbike’s impressive growth and commitment to transforming the motorcycle market in Asia. We’re excited to continue supporting them as they strengthen their presence locally and internationally.”

Founded in 2016, iMotorbike has built a solid reputation in Malaysia and Vietnam by focusing on customer trust and convenience. The platform’s unique features, such as a comprehensive 170-point inspection, a six-day return policy, and a six-month warranty, have set it apart in the competitive market.

Gil Carmo, co-founder and CEO of iMotorbike, shared his excitement about the funding:  “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.”

Looking to the future, he continues: “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.”

As iMotorbike continues to expand its footprint, the company is poised to strengthen its leadership in Southeast Asia and beyond, driving further growth in the rapidly evolving motorcycle market.