Barcelona-based MundiMoto, which sells reconditioned motorbikes and scooters online, is seeking to raise €50 million ($50.7 million U.S.) in equity and €100 million in debt to fund its expansion, financial newspaper Expansión reports. To this end, it has contracted the services of Madrid-based Arcano as a financial advisor.
MundiMoto provides a one-stop service for both buyers and sellers of motorcycles and has a team dedicated to reconditioning them. It then delivers them to the purchaser’s door, in addition to offering financing and insurance services. According to the Arcano’s website, “Our investment programmes allow investors to access the digital revolution that is affecting all sectors of the economy, access exclusive venture capital opportunities and participate in the value creation that will be generated in this asset class.”
Founded in 2019 by Alberto Fossas Garcia (LinkedIn profile) and Josep Talavera (LinkedIn profile), Mundimoto had sales of €13 million in 2021 and expects this figure to reach €134 million this year, Expansión reports. The company expects to sell 28,000 vehicles during 2022, up from 3,700 in 2021. It expects to make a small loss this year (EBITDA of -€6 million) and to turn EBITDA positive in 2023. For 2024, it is forecasting turnover of €1.434 billion and EBITDA of €52 million. It currently has more than 280 employees.
In February this year, MundiMoto raised €20 million in a financing round that was led by Italy-based venture capital firm P101. This valued the company at €50 million. Speaking earlier this year, Talavera, who is the company’s CEO, commented: “We have been able to digitize a very stagnant market – we are changing an entire sector.”
MundiMoto has also begun to expand internationally, opening a service center in Milan earlier this year. “We have a list of very interesting countries, such as Germany, the Netherlands and Greece. But for now, we want to establish ourselves in Spain and little by little open up other countries,” he added. MundiMoto also opened a second domestic service centre (in Madrid) earlier this year. In April, it began to rent motorbikes and scooters for a period of three-six months.