Kuala Lumpur-based startup iMotorbike, an online marketplace for pre-owned motorcycles, said Tuesday that it had raised $2.6 million in a Series A round led by Gobi Partners and Ondine Capital, Forbes reports.

The funding round saw returning participation from Penjana Kapital, The Hive Southeast Asia, 500 Global, SOSV; new investors Goodwater Capital, Seedstar Capital and Permodalan Negeri Selangor Berhad (PNSB); as well as other institutional venture capitalists.

iMotorbike, which enables users to buy and sell used motorcycles on a secure marketplace, was founded by entrepreneurs Gil Carmo and Sharmeen Looi to address the gap in the two-wheeler market. iMotorbike’s platform is fast, efficient and safe, offering money-back guarantee and warranties.

As we spearhead the transition towards a circular economy in the two-wheeler market, we’ll expand our efforts to promote sustainability, create a robust ecosystem for the reusing of motorbikes and accessories to reshape the future of mobility.

Gil Carmo, CEO

iMotorbike said in the statement that it is Southeast Asia’s pioneering e-commerce platform for buying and selling motorcycles, and generated over 2,500 transactions with total revenue of more than $3.5 million.

To date, iMotorbike has secured a total of RM19.3 million (US$4.2 million) since its pre-seed funding round.

With rising inflation, higher cost of living amid surging fuel prices, iMotorbike expects to see more people turning to motorcycle as a mode of transportation and as a means of generating income. Two-wheelers remain a viable, low-maintenance option for many commuters and e-commerce riders and iMotorbike is well-positioned to capitalize on this immense potential. In 2022, iMotorbike generated over 2,000 transactions in Malaysia. It also provides financing option, insurance and road tax for users’ convenience.