Bikmo is a specialist cycle and e-mobility insurer that protects overs 75,000 riders in the UK.
Overview
Bikmo is a specialist cycle and e-mobility insurer that protects overs 75,000 riders in the UK.
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About Bikmo
In 2023, Puma Private Equity deployed £3.1 million of equity into Bikmo, a specialist bike insurer in the UK that is currently focusing on expanding into other European markets and supporting multinational partners.
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.
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 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
“We’re delighted to close this round and onboard Puma Growth Partners 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.
“This investment will also allow us to increase penetration in existing territories whilst retaining our strong lifetime values that demonstrates our strong route to profitability across all our markets.”
Louise Towers, CFO of Bikmo Our view
“We are really 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. CEO, David George and his team launched the business with a mission to build a service that enables riders to spend more time doing what they love and that is still at the heart of what they are delivering. Having secured notable partnerships and built API technology to maximise conversions they’re on an impressive growth trajectory.
“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 new recruit Emily Bourne. We are well placed to support the next generation of exceptional scale-up businesses emerging from the region.”
Kelvin Reader, Investment Director at Puma Growth Partners