Okxe, a Vietnam-based used-motorcycle marketplace, has raised KRW20 billion ($14.5 million) in a Series A funding round.
South Korea-based Kwanju Bank and existing investors, including JB Financial Group and The Invention Lab, participated in the round, DealStreetAsia reports.
Okxe says it will deploy the proceeds to expand its directly managed outlets in Ho Chi Minh City and Hanoi, where it is headquartered. Additionally, it plans to roll out AI and data-driven maintenance services and build AI models for financing and insurance.
Vietnam has the highest rate of motorcycle ownership in the world, and the company aims to become a full-fledged marketplace for used motorcycles across Southeast Asia.
Okxe raised $5.5 million in a funding round in August 2020, according to Tracxn data. Last year, it agreed with automaker VinFast to offer the latter’s electric motorcycles through an online-merge-offline model — a marketing approach that consolidates different distribution channels.
Founded in 2018 by Wooseok Kim, Okxe says its app has been downloaded 8.2 million times to date and that it collaborates with 2,130 dealers and has 1.5 million active users.
