Singapore-headquartered iMotorbike, a platform for the transaction of pre-owned motorcycles, has raised US$10 million ($13.59 million) in its Series A funding round in two tranches, with the latest led by VC Headline.
The funding will help the startup expand its footprint in Malaysia, where the company says that it plans to open new inspection centres and showrooms in “key locations” which it has cited as Penang and Johor.
The startup also plans to open a new branch in Taiwan, and grow its workforce in the skilled mechanics and operation functions.
iMotorbike was co-founded by Gil Carmo and Sharmeen Looi in 2016, and has 10,000 customers to date. The startup has a presence in Malaysia and Vietnam, and offers a 6-day return and 6-month warranty policy with a 170-point inspection process.
It completed its first round of its Series A fundraising of US$2.6 million in June 2023.
Its first tranche of Series A fundraising was led by Gobi Partners And Ondine Capital. Headline, the global VC joins their second tranche of fundraising. Headline has invested in prominent startups such as Bumble and Mistral AI.
