Chester, England-based Bikmo, a cycle and e-mobility insurance company, announced on Wednesday, October 18, that it has secured £3.4M (approximately €3.9M) Series A extension round led by Puma Private Equity.
The company says it will utilise the funds to expand its operation into additional European markets and offer support to international partners.
The European Parliament, recognising the growing importance of cycling, has declared 2024 as the ‘Year of Cycling’ to double the distance covered by cyclists by 2030.
The adoption of e-bikes is also on the rise, with UK electric bike sales having surged by over 40 per cent in 2020.
Furthermore, e-bike sales accounted for 50 per cent of all bike sales in Germany in 2022.
Bikmo has capitalised on this trend, with 40 per cent of its new policyholders opting for e-bike coverage.
Louise Towers, CFO of Bikmo, says, “We’re delighted to close this round and onboard Puma Private Equity as we accelerate growth in the UK and Europe, continuing to increase our footprint and capitalise on the increasing opportunities in the wider bike and mobility sectors. Working with a company aligned with our values combined with their depth of experience in international growth across a wide range of technology-enabled sectors is a perfect match for Bikmo.”
Bikmo: Protecting the world’s riders
Founded in 2014, Bikmo is a cycle insurer with a mission to protect the world’s riders.
The company provides a range of insurance products designed to protect various types of cyclists, from road cyclists and triathletes to daily commuters.
They offer coverage for both individual and commercial risks, including partnerships with brands like Deliveroo, along with additional services such as legal protection and breakdown assistance.
Additionally, the company has also built a core platform of microservices, an API ecosystem, and data insights that enable Bikmo to move fast across territories, products, and verticals.
The recent development of its API technology allows Bikmo to offer embedded insurance solutions, which can be integrated into other products or services easily.
This approach enhances the customer experience and boosts conversion rates, claims the company.
Bikmo has already successfully implemented its first fully embedded insurance solution in collaboration with BuyCycle in Germany and is currently focused on integrating similar solutions with new and relevant partners.
The B Corp-certified specialist insurer protects over 75,000 riders in the UK, Ireland, Germany, and Austria, and is currently focusing on expanding into other European markets and supporting multinational partners.
Puma Private Equity is a provider of growth capital to small and medium-sized UK businesses across all sectors and regions.
The company delivers investments between £2M to £10M, partnering with management teams to accelerate their growth and help businesses throughout the country achieve their potential.
Since its inception, Puma Investments has raised more than £490M in capital.
Kelvin Reader, Investment Director at Puma Private Equity, says, “We are excited to be backing Bikmo at this significant stage in their growth journey. They are ideally placed as one of the UK’s largest specialist bike insurers to capitalise on the e-bike movement and the increasing number of people opting to use bikes as a mode of transport.”
“We are also thrilled to back another company in the North West, our first deal since we set up a Manchester office to expand our presence in the North with Investment Director, Mark Lyons and recruit Emily Bourne. We are well placed to support the next generation of exceptional scale-up businesses emerging from the region,” adds Reader.