Cüimo, a digital marketplace in Spain through which a user can buy and sell motorcycles completely online, has successfully closed an investment round of €900k led by Encomenda investment fund. Also joined recognized business angels from the sector such as Carlos Rivera, founder of Clicars who will also be an advisor to Cüimo; Hugo Arévalo, co-founder of ThePower Business School; and several individual Seed Rocket investors led by Nacho Rodés, CEO of Rocket Digital. In addition, the operation has had the participation of ENISA with €300k and the legal advice of Antón Vieito (AV law), a firm specialized in start-ups.
Cüimo’s value proposition is clear: a 100% online motorcycle buying and selling process that provides maximum transparency in the transaction. Furthermore, by digitizing the process, the platform allows supply and demand to be relocated, making distance no longer an insurmountable obstacle to buying or selling a motorcycle, and all at the click of a button.
With this round, the company wants to invest in human and technical capital, which will allow them to continue growing the marketplace, in addition to taking advantage of the funds generated to expand other business lines such as its “Cüimo Prime” section of already reconditioned motorcycles that can be delivered in 72 hours at the buyer’s home.
In this regard, Alejandro de la Hoz, co-founder and CEO of Cüimo, said: “We are very happy to be able to have partners with so much qualified experience to contribute, their trust is the boost we need to achieve our goal of soon being the reference platform that channel all purchases and sales of second-hand motorcycles in Spain.”
Cüimo has been growing at 25% month-on-month since March 2023, closing October with a monthly turnover of 350,000 euros. The start-up aims to reach profitability in the coming months and close 2024 with a turnover of 12 million euros and more than 2,500 motorcycles sold 100% online.
“The motorcycle market in our country is still very traditional, very little digitalized and presents a high degree of mistrust between individuals. Sales are reduced, almost entirely, to those located near the buyer’s home. That is to say, it is a very localized, tedious and full of mistrust between buyers and sellers purchasing process,” added Alejandro de la Hoz. “Cüimo has been able to cover this market need and offer a technological solution that “It is changing the way of buying and selling motorcycles in Spain.”
Founded in 2021 by Jaime Álvarez, Enrique Adrién and Alejandro de la Hoz, who decided to join this adventure after a bad experience when they went to buy their second-hand motorcycles. As a result, these three entrepreneurs devised a process in which, through a digital platform, the consumer could buy a motorcycle from a private seller, anywhere in Spain and in just 7 days receive it at the door of his house, checked and with all the official papers in order.
Once the user selects the motorcycle they are interested in within the platform, Cüimo will check the motorcycle at the seller’s home and prepare a report on the website about its status. Next, the platform itself automatically generates and manages all the legal documentation that will be presented electronically to the different official bodies. This is possible thanks to the implementation of DGT software on the platform that allows all documents to be signed online and a network of expert mechanical experts who inspect and transport the motorcycle to provide maximum comfort.
Throughout the entire process, Cüimo safeguards the amount of the price, and transfers it to the seller upon completion, thus ensuring all payments and collections of the transaction. Additionally, through the platform, motorcycles can be paid for in installments, which makes payments easier for buyers and gives them access to better models.
Read the orginal article: https://www.eu-startups.com/2023/11/madrid-based-cuimo-speeds-up-with-e900k-to-become-the-leading-platform-for-second-hand-motorcycle/
