Bikmo’s mission is to protect the world’s riders – how is the brand unique in the insurance market?

As a company, our ethos is deeply rooted in a love for biking, with a focus on creating a positive impact on the cycle sector. The brand’s uniqueness lies in its deep connection with the cycling community, through both our employees, who are avid cyclists, and our partnerships with cycling organisations.

How has the business expanded since launch? What has driven growth?

Since launch, Bikmo has grown significantly. Geographically we have expanded considerably, launching into Germany, Austria, Ireland, and Belgium, with plans to launch into Italy and France. In line with this our team has grown, and we now have 55 of us across ten countries, with a focus on a remote-first business model.

Securing partnerships including British Cycling, Brompton and new partners, Trek and UK Cycling, has also been key for growth and contributed significantly to raising brand awareness and building trust with our customers. We’ve placed a real focus on building our direct and digital channels – focusing on performance marketing and SEO, organic traffic and building a strong social media presence. We are also expanding our audiences; the biggest growth in the bike sector is going to come from people who might not have ridden a bike since they were a child, who are choosing to buy an e-bike or commuter bike as a mode of transport instead of a second car. That’s a very different audience to reach.

Why has securing partnerships been so integral to the growth of the business? How have you secured these key partnerships?

For over 70% of our customers, the trigger for purchasing insurance is through buying a new bike, so we have to be part of the sales process, and therefore brand and retail partnerships (such as Trek) have been integral to growth. There’s also an opportunity to raise awareness of cycling insurance through other channels such as our partnership with British Cycling, which helps to build trust and credibility, essential in our sector.

We have invested heavily in maintaining and enhancing these partnerships through continuous support, engagement and marketing projects. We also support broader initiatives such as the British Cycling Club of the Year, which helps raise the profile of our business to these core audiences.

What key milestones have you hit as a business over the last year?

Our new partnership with Trek was a significant milestone for us to hit this year; we have been focused on winning big brands and have been pursuing them for some time. We are now their official insurance provider across their retail stores throughout the UK, Ireland, Germany and Austria, and are offering their riders 30 days' free insurance on new Trek bikes across their stores. People trust Trek and therefore conversion on new policies has been significant. Our aim will be to expand the partnership across Europe and to the US in the future.

We’ve also just rolled out a new brand marketing campaign, Bike Boldly, Insure Wisely, which we’re deploying across multiple marketing channels and have already seen an improvement in our conversion rates. Plus, we hit £1 million per month of premiums over continuous months during the summer, which was a significant milestone for us to reach.

What is the focus for growth going forwards?

We’re focusing on doubling down on existing partnerships, while also expanding with new partners. With Trek and Brompton we will be aiming to launch into additional territories over the next year, and we’re now increasingly agile in launching quickly into new markets.

With a focus on technology and experience, we’re re-platforming our business, which will enable us to move quicker, make our team more efficient and overhaul the experience for our customers. Given 9 out of ten customers don’t make a claim within any given year, we want to make sure we’re offering as much value to our customers as possible, so when it comes to the point of renewal we’re front of mind.

Plus, over 50% of bikes in Europe are sold through bike leasing. The opportunity for potential partners is huge and you get almost 100% retention over four years, so it’s an area we’ll be doubling down on.

How has external investment from the Puma VCTs helped to support your growth journey?

It’s capital-intensive to run an insurance business, so we do require external investment, but we spent some time choosing the right partner for us. With Puma we’ve really appreciated the support on our growth strategy, specifically working with James in the Value Acceleration team and the continued exposure to other portfolio companies, and the guidance that comes with that. There’s been lots of advice around board structure and introductions to people that have been really integral to growing our business. We’re looking forward to working together on the next phase of growth!