[Funding alert] Madrid-based Cüimo Secures €900k in Funding

Madrid-based Cüimo secures €900k in funding led by Encomenda investment fund. Alongside them are well-known industry business angels like Hugo Arévalo, co-founder of ThePower Business School, Carlos Rivera, founder of Clicars, who will be advising Cüimo, and a number of individual Seed Rocket investors, lead by Rocket Digital CEO Nacho Rodés.

Furthermore, Antón Vieito (AV law), a start-up-focused law firm, provided legal guidance for the operation and ENISA donated €300,000 to it.

Read also - Cambridge-based Quotient Therapeutics Secures $50M Initial Funding

In addition to using the earnings from this round to expand other business lines like its "Cüimo Prime" section of already-reconditioned motorcycles that can be delivered to a buyer's home in 72 hours, the company hopes to invest in human and technical capital with this round so as to continue expanding the marketplace.

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.”

Since March 2023, Cüimo has experienced monthly growth of 25%, ending October with a 350,000 euro monthly turnover. In the months to come, the start-up hopes to earn a profit, and by the year of 2024, it hopes to have raised 12 million euros and sold over 2,500 motorcycles only online.

Read also - Helsinki-based Linio Biotech Secures €4.2 Million in Funding

Alejandro de la Hoz said , “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, 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.”

About Cüimo

Cüimo was Founded in 2021 by Jaime Álvarez, Alejandro de la Hoz, and Enrique Adrién, who got the idea to go on this expedition following a negative experience with purchasing their previously owned motorcycles.

Read also - London-based Generative Engineering Secures €4 Million Pre- Seed Funding

Consequently, these three business owners came up with a method wherein a customer could buy a motorbike from a private seller anyplace in Spain via an online platform and have it delivered to his home within 7 days, fully registered, inspected, and with the necessary paperwork in place.