Headquartered in Chester, UK, the company has outlined plans to use the fresh capital for its expansion across Europe. Currently, Bikmo offers coverage to over 75,000 riders spanning the UK, Ireland, Germany, and Austria.
Lauched in 2014, Bikmo has cultivated partnerships with prominent commercial brands like Deliveroo, extending its services to consumers participating in events such as triathlons. The recent funding injection is earmarked for the advancement of its application program interface (API) technology, a recently developed tool that streamlines the integration of its insurance products into various services, such as embedded insurance.
Bikmo’s initial venture into embedded insurance involved a partnership with BuyCycle in Germany. David George, CEO of Bikmo, expressed that the investment would play a crucial role in bolstering both the technological infrastructure and personnel required to support and safeguard its existing rider base and trusted partners, in addition to fueling ambitious growth projects.
This Series A expansion round was spearheaded by Puma Private Equity and marks the latest strategic investment in the North West for the firm, which established a Manchester office earlier this year.
Bikmo has reported a notable trend, with 40% of new policyholders opting to insure e-bikes, indicative of the increasing embrace of electric two-wheelers. This surge in e-bike insurance aligns with the broader trend of growing adoption in this category.
It’s worth noting that Bikmo’s initial foray into venture capital funding occurred in May 2020, where it secured £1.8 million in its previous funding round.
Kelvin Reader, investment director at Puma Private Equity, said Bikmo is “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.”
Author: Joanna England
