Monimoto, the producer of smart, anti-theft GPS trackers for motorcycles, has partnered with former Harley-Davidson executive Steve Piehl to drive its Series A funding round in the U.S.
Mr. Piehl, a powersports expert who spent 35 years on staff at Harley-Davidson Motor Company, was responsible for developing and launching the Harley Owners Group, one of the motorcycle industry’s biggest success stories, with nearly a million members in more than 90 countries.
He was inducted into the Sturgis Motorcycle Museum & Hall of Fame in 2012 and now acts as a consultant in communications and business development for several companies in the powersports, bioscience and industrial design industries.
“I’m delighted to partner with Monimoto to help them with this round of fundraising. I’ve been working with the company for nearly a year and I’m impressed with what they’ve already accomplished and their vision for the future. As our world moves toward more two-wheeled transportation in an increasingly urban environment, their product makes practical and emotional sense. It gives motorcycle owners a feeling of confidence that their investment, and their passion, has an extra level of protection,” says Piehl.
The Monimoto device is designed to be secured to high-value and collectible motorcycles or bicycles. When the device senses movement and the owner is not within range, it provides exact location tracking to the owner’s smartphone, allowing authorities to secure the return of the bike. The current device, Monimoto 7, uses the latest worldwide eSIM, 4G/5G IoT technology and upcoming versions will leverage yet to be announced hardware and software improvements to further security and connectivity to owners and authorities.
Monimoto is raising US$5 million to accelerate R&D and continue its expansion in the U.S. motorcycle and e-bikes markets. The company is profitable already, but additional funding will help drive growth in this new market and segment.
“Most standard solutions, such as locks, fail to prevent theft, and just a small fraction of stolen motorcycles and bicycles are returned to their owners,” says Andrius Bruno Rimkunas, one of Monimoto founders. “Our tracker allows owners to immediately work with authorities to recover their stolen bike or motorcycle.”
“We’ve already seen the demand for this product in motorcycle applications throughout Europe. The high-end bicycle market is a huge opportunity for our growth, as the total available market in the U.S. bicycle segment is $14 billion. The market in Europe is even bigger, and we already have a strong presence there,” says Rimkunas.
The company aims to become the anti-theft solution of choice for motorcycle and bicycle owners in the U.S. and the EU and grow into a marketplace offering a wide range of services.
About Monimoto
Monimoto, founded in 2016 in Vilnius, Lithuania, delivers “peace of mind” for owners of collectible, custom and high-value motorcycles and e-bicycles.
The Monimoto 7 is more than just a smart, anti-theft GPS tracker for two-wheelers. It’s small, easy to install and uses the latest eSIM, 4G/5G IoT connectivity combined with a sophisticated backend and mobile app. It comes with an embedded, international eSIM card and is powered by two autonomous, long-life batteries, so it’s not going to drain the battery on a motorcycle or e-bike and never falls victim to a thief who cuts the battery cable. The device calls the owner within minutes when unauthorized motion is detected. Monimoto’s portfolio already includes dozens of recovery cases. Service is free for two months with device purchase and is approximately $49 per year after that.
Monimoto 8, expected in Q2 2022, is specifically designed to meet the needs of high-end bicycle and e-bike owners.
The company has enjoyed increasing revenue growth for three consecutive years with projected revenue in 2021 of US$3 million. Monimoto expects to quadruple revenue by 2025.