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IzelPhotography/DepositPhotos
Chester, England-based Bikmo, a cycle and e-mobility insurance coverage firm, introduced on Wednesday, October 18, that it has secured £3.4M (roughly €3.9M) Sequence A extension spherical led by Puma Non-public Fairness.
The corporate says it’ll utilise the funds to develop its operation into extra European markets and supply help to worldwide companions.
The European Parliament, recognising the rising significance of biking, has declared 2024 because the ‘12 months of Biking’ to double the space lined by cyclists by 2030.
The adoption of e-bikes can also be on the rise, with UK electrical bike gross sales having surged by over 40 per cent in 2020.
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Moreover, e-bike gross sales accounted for 50 per cent of all bike gross sales in Germany in 2022.
Bikmo has capitalised on this pattern, with 40 per cent of its new policyholders choosing e-bike protection.
Louise Towers, CFO of Bikmo, says, “We’re delighted to shut this spherical and onboard Puma Non-public Fairness as we speed up development within the UK and Europe, persevering with to extend our footprint and capitalise on the growing alternatives within the wider bike and mobility sectors. Working with an organization aligned with our values mixed with their depth of expertise in worldwide development throughout a variety of technology-enabled sectors is an ideal match for Bikmo.”
Bikmo: Defending the world’s riders
Based in 2014, Bikmo is a cycle insurer with a mission to guard the world’s riders.
The corporate offers a variety of insurance coverage merchandise designed to guard numerous kinds of cyclists, from street cyclists and triathletes to each day commuters.
They provide protection for each particular person and business dangers, together with partnerships with manufacturers like Deliveroo, together with extra companies resembling authorized safety and breakdown help.
Moreover, the corporate has additionally constructed a core platform of microservices, an API ecosystem, and information insights that allow Bikmo to maneuver quick throughout territories, merchandise, and verticals.
The latest growth of its API know-how permits Bikmo to supply embedded insurance coverage options, which might be built-in into different services or products simply.
This strategy enhances the shopper expertise and boosts conversion charges, claims the corporate.
Bikmo has already efficiently carried out its first absolutely embedded insurance coverage answer in collaboration with BuyCycle in Germany and is at the moment centered on integrating comparable options with new and related companions.
The B Corp-certified specialist insurer protects over 75,000 riders within the UK, Eire, Germany, and Austria, and is at the moment specializing in increasing into different European markets and supporting multinational companions.
The investor
Puma Non-public Fairness is a supplier of development capital to small and medium-sized UK companies throughout all sectors and areas.
The corporate delivers investments between £2M to £10M, partnering with administration groups to speed up their development and assist companies all through the nation obtain their potential.
Since its inception, Puma Investments has raised greater than £490M in capital.
Kelvin Reader, Funding Director at Puma Non-public Fairness, says, “We’re excited to be backing Bikmo at this important stage of their development journey. They’re ideally positioned as one of many UK’s largest specialist bike insurers to capitalise on the e-bike motion and the growing variety of individuals opting to make use of bikes as a mode of transport.”
“We’re additionally thrilled to again one other firm within the North West, our first deal since we arrange a Manchester workplace to develop our presence within the North with Funding Director, Mark Lyons and recruit Emily Bourne. We’re effectively positioned to help the following technology of remarkable scale-up companies rising from the area,” provides Reader.
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