Mundimoto, specialized in the online buying and selling of second-hand motorcycles, has closed a financing round worth 10 million euros. The operation has had the participation of Mutua Madrileña, through its vehicle Mutua Ventures, and Orilla Asset Management, the investment company of the family of Francisco Riberas, owner of Gestamp. "This operation has allowed us to bring strategic partners into the company, which allows us to definitively boost our growth and consolidates us as one of the main players in the sector at a European level," values its co-founder and CEO, Josep Talavera.
This is the third round that the company has closed, which started with an investment of 500,000 euros made by Talavera and the other co-founder, Alberto Fossas, who left the project a few months ago. The first round closed in 2021 for 1.3 million euros. In 2022, they secured 20 million euros in a round led by the international fund P101. The specialized funds Autotech Ventures and Maniv Mobility also participated. All of them have continued in the third round.
The resources obtained will serve to continue growing and consolidate its position in Italy, the market it has chosen to begin its international expansion, with the forecast of selling 4,000 motorcycles this year. Mundimoto has recently established itself in Milan to pilot its entry into the country, where it has located a warehouse of more than 25,000 square meters and has hired 20 workers. Until now, the company only sold vehicles outside of Spain to small dealerships in central Europe, in markets such as the Netherlands and Germany, so the Italian landing represents a turning point in its four years of life.
The resources from the recently closed round will also serve to incorporate new products and services into its portfolio. After incorporating the sale of new electric motorcycles and a renting service for individuals and companies, the company plans to create a marketplace for second-hand spare parts and pieces.
The company expects to accelerate this year results that increase exponentially year after year: in 2022, the company sold more than 15,000 motorcycles, 300% more than in 2021, when it was almost 4,000. For this 2023, Mundimoto aims to reach 30,000 motorcycles sold.
Mundimoto's bet involves digitizing the buying and selling of used motorcycles, as is already done with cars, with the aim of making the process more efficient and reducing costs, as well as offering a more comfortable experience for customers. In this way, users who want to sell their motorcycle send them a couple of photos and the sales team proposes a price. If they accept it, they pick it up at home in a few days and pay for it instantly. They also handle the paperwork for changing ownership. On the opposite side, customers who want a motorcycle can consult the offer on their website, where they post ads, with all the information, photos, and videos. With motorcycles that have an average age of seven years, sale prices range between 1,000 and 25,000 euros.