Mundimoto continues to expand its business of buying and selling second-hand motorcycles. The Barcelona startup has closed the 2023 financial year with revenues of 70 million, which represents an increase of 18% compared to the 59 million of the previous year.
“The figure of 70 million is exact,” says Josep Talavera, founder and CEO of the company, who last year assured that the results were 60 million and this year he has reduced them to 59.
Mundimoto plans to turn a profit after registering losses in 2023 due to its commitment to business growth.
The large volume of activity comes from the sale of second-hand motorcycles to individuals and dealers while a small part, 5%, comes from the renting division. “This business is growing exponentially and we expect it to represent 15% of revenue. In addition, it provides better margins,” says the entrepreneur.
This year, the company plans to continue driving double-digit business growth. To achieve this, it has planned an opening plan in Valencia and Seville, which will be added to the recent openings of the establishments in Malaga and Madrid.
Italy is also a great target. “The motorcycle market is much larger and we have no competitor, so the opportunities are very great, we predict that Italy will surpass Spain in the short term,” comments Talavera.
Business growth is financed through venture capital. In the middle of last year, the company obtained 10 million euros in an operation in which Mutua Madrileña and businessmen such as Pablo Isla (former Inditex) or Francisco Riberas (Gestamp) entered. “We are allocating this capital to opening stores and at the moment it is enough for us to carry out our growth plan,” says Talavera, who rules out new capital increases this year.
Founded in 2019, the company employs 320 people and plans to hire 30 more so far this year. “The structure has grown a lot in recent years,” concludes the entrepreneur.
