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Mundimoto Raises $22.6M To Expand Online Used Motorcycle Platform Into Europe

Mundimoto Raises $22.6M To Expand Online Used Motorcycle Platform Into Europe

02/15/22, 2:00 PM
Money raised
$22.6 million
Mundimoto, an online motorcycle buying and selling startup, has raised $22.6 million (€20 million) to expand its platform beyond its home country of Spain and into Europe, starting with Italy and Holland. The company plans to hire 50 engineers and 250 new employees to advance the technology product and support international expansion.

Company Info

Company
Mundimoto
Additional Info
The company plans to hire 50 engineers and 250 new employees to advance the technology product and support international expansion. Since its founding in 2019, the platform has sold 4,000 vehicles and has seen a 15-fold increase in turnover, from from €1 million in 2019 to a revenue of €15 million in 2021, according to Mundimoto. The company has a team dedicated to reconditioning its vehicles, of which it purchases an average of 1,000 per month, according to Mundimoto. The startup also delivers vehicles to the purchaser’s door and offers financing and insurance options, Nate Jaret, partner at Maniv Mobility, told TechCrunch. “The company simplifies a highly fragmented two-wheeler retail market characterized by tiny dealerships with limited inventory, huge pricing variance, poor customer journey, poor ancillary services like financing and insurance, limited warranty options and P2P classifieds portals that are difficult to navigate and offer buyers limited options of uncertain provenance,” said Jaret.