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iMotorbike raises $2.6M to expand its circular economy for motorcycles
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Lauren McCranie
Lauren McCranie

iMotorbike (Orbit Startups), a Malaysia-based e-commerce platform for preowned motorcycles, raised MYR12 million ($2.6 million) in a Series A funding round led by Gobi Partners and Ondine Capital.

iMotorbike enables users to buy and sell preowned motorcycles on a secure marketplace; the platform has generated over 2,500 transactions with total revenue of more than MYR 16 million ($3.5 million).

The Series A funds will be used to strengthen the iMotorbike operations in Malaysia and Vietnam, including opening more inspection centers in both countries; as well as for technology and talent investments. The funding round also saw returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV’s Orbit Startups; new investors Goodwater Capital, Seedstars International Ventures and Permodalan Negeri Selangor Berhad (PNSB); among others.

“This infusion of capital will be instrumental in fueling the next phase of growth for the company, as we spearhead the transition towards a circular economy in the two-wheeler market,” iMotorbike Co-Founder and CEO Gil Carmo said.

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