BikeBiz Bicycle and cycling retail news
Bikmo, the Chester-based specialist cycle and e-mobility insurer, has raised £3.4 million in a Series A extension round led by Puma Private Equity to accelerate European expansion and drive product innovation.
With the European cycling market growing rapidly, 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.
As the cycle market grows, the European Parliament has called for 2024 to be the ‘Year of Cycling’ to double the distance covered by cyclists by 2030.
E-bike adoption is also rising significantly with UK electric bike sales growing by over 40% in 2020 while 50% of bike sales in Germany were e-bike sales in 2022.
Bikmo has capitalised on this trend, 40% of new policyholders insure e-bikes and the company offers a range of insurance products to protect every type of cyclist from road cyclists and triathletes to daily commuters.
David George, CEO of Bikmo, said: “We’re stoked to close this round and onboard Puma Private Equity as we accelerate growth in the UK and Europe, the next big step in our mission to protect the world’s riders.
“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.
“The investment will allow us to invest into the people and technology we need to both support and protect our existing rider base and trusted partners, as well as exciting growth projects.”
The award-winning business has scaled significantly since launch through securing strategic partnerships with organisations such as British Cycling and Cyclescheme and has delivered an 85%+ retention rate on existing customers year on year.
Bikmo has driven growth through securing investment partners Hiscox, Development Bank of Wales and new investor, Puma Private Equity. In addition, it has built a platform of microservices, an API ecosystem and data insights that enable Bikmo to move across territories, products and verticals.
Its newly developed API technology means it can deliver embedded insurance solutions (insurance that can be purchased as part of another product or service transaction) through retail, manufacturing and other partners to integrate the product into their customer journeys.
Bikmo has delivered its first fully embedded insurance solution with BuyCycle in Germany and is focusing on integrating embedded solutions with new and relevant existing partners.
Anthony Favell, c‑commerce trading manager at Brompton, said: “We started working with Bikmo in 2017 to protect Brompton riders and their bikes. They developed bespoke features like 25% lower pricing thanks to Bromptons being a lower risk, and courtesy Brompton bikes for customers waiting for a replacement from our London factory.
“Since launching in the UK, Bikmo has expanded the partnership to other Brompton markets and we look forward to exploring how their latest investment and upcoming growth plans will take our partnership forward.”
As a B Corp and 1% For The Planet Business Member, Bikmo is committed to better business. It is an active advocate for the cycle sector and supports bike and outdoor non-profits that improve the world for cyclists.
The business is committed to making a positive impact on society and the environment by getting more people on bikes.
Read more: Kenda re-enters UK market with new sales and marketing model
Puma Private Equity offers growth capital and expertise to businesses across the UK, irrespective of sector, and works in partnership with management to help businesses scale and create long-term value.
It aims to deliver insight, expertise, and a fresh perspective to the portfolio companies it partners with.
