Live
Bikmo
Chester, UK & Innsbruck, Austria
LOCATION
Insurtech
SECTOR
October 2023
INITIAL DEAL
Overview
In December 2024, Puma Growth Partners invested a further £4.75 million into Bikmo, the specialist cycle insurer, building on the original £3.4m Series A extension round that Puma led in October 2023.
This latest round of funding will be used to drive growth in Europe across direct sales, partners, leasing and commercial channels, and help to strengthen its longstanding partner network.
About Bikmo
Alongside the latest funding round, Bikmo announced the appointment of Steven Mendel, former CEO and co-founder of ManyPets, as Chair (subject to FCA approval) and Ben Thompson, ex-Director of Global Business Development at Komoot, as Chief Growth Officer. The company has also appointed Gemma Germains, formerly Canyon’s Global Head of Digital Experience Design, as Chief Experience Officer.
Capitalising on growth in the cycle market, specialist cycle and e-mobility insurer, Bikmo offers a range of insurance products to protect every type of cyclist – from road cyclists and triathletes to daily commuters. It covers both individual and commercial risks for brands including Deliveroo, and offers extra options to protect cyclists, such as legal protection and breakdown assistance. With e-bikes and bike leasing fuelling European market expansion, growth is projected to reach a compound annual growth rate of 8.6% by 2030.
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, including Cycling UK, the Association of Cycle Traders (ACT), global cycling brand Trek, British Cycling, Cyclescheme and Brompton. It has developed API technology to deliver embedded insurance solutions through retail, manufacturing and other partners.
THE COMPANY'S VIEW
“This significant second round of investment from Puma is a resounding endorsement of our business model, the strength of our pipeline and our team’s ability to deliver. The additional capital will enable us to further accelerate our growth across Europe and deliver exceptional value to our customers.”
OUR VIEW
“Since our initial investment in Bikmo, it has been a pleasure working with David, Louise and the team to support their growth. They have made significant steps, from securing notable partnerships to scaling in key territories, while staying true to their mission of protecting riders. The new strategic hires from Canyon Bicycles, Komoot and ManyPets will be pivotal for Bikmo’s growth and we look forward to their impact. We are excited to back the business again in this investment round to accelerate their growth across Europe, secure new partnerships and expand their commercial insurance offerings.” “It also marks our ongoing commitment to support companies based in the North West. Having set up a Manchester office to expand our presence in the North headed up by Investment Director, Mark Lyons, we continue to be excited by the quality of the scale-up businesses developing within the region.”
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