Anti-theft GPS tracking device company plans for growth
The motorcycle anti-theft GPS tracking landscape will be getting ramped up in the U.S. in the coming years with news that Lithuania-based Monimoto expects to quadruple revenue by 2025.
The company has enjoyed increasing revenue growth for three consecutive years with projected revenue in 2021 of US$3 million.
Monimoto has partnered with former Harley-Davidson executive Steve Piehl to drive its Series A funding round in the U.S. 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, now 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,” Piehl said.
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 the Monimoto founders. “Our tracker allows owners to immediately work with authorities to recover their stolen bike or motorcycle.”
Service is free for two months with device purchase and is approximately $49 per year after that. Pass along this link to your F&I crew.
